Institutional Investors

Borrowing Program

The Borrowing Program and future funding strategy at Western Australian Treasury Corporation.

The 2023-24 Western Australian State Budget was handed down by the Hon. Mark McGowan MLA, Premier and Treasurer of Western Australia, on 11 May 2023. Following the budget release, the Western Australian Treasury Corporation (WATC) announces its estimated term funding requirement for the 2023-24 financial year at $5.3 billion.

The WATC forecast borrowing program across the forward estimates period is detailed in the following table:

Term Funding Requirement2023-24
New Money Program (Estimated)
Projected Maturities5.
Less pre-funding-
Total Maturities + New Money5.
Debt Repayment0.
Total Term Funding5.

Funding Strategy for 2023-24

It is expected that WATC's Benchmark Bond program (labelled and non-labelled format) will be the primary source of term funding, supplemented by Floating Rate Notes. Issuance into non-benchmark bonds may be considered subject to client and investor demand. However actual amounts and the composition of term funding is subject to the borrowing requirements of WATC's clients and market conditions.
WATC’s funding strategy will focus on:

• a new Floating Rate Note in the 5-year maturity range,
• the establishment of a new non-labelled benchmark bond,
• building outstandings in existing bond and FRN lines,
• accessing markets through reverse enquiry, taps, tenders and syndications.

In addition to the term funding requirement, WATC expects to maintain approximately $2.5 billion - $4.5 billion of commercial paper outstanding through its domestic Short Term Inscribed Stock (STIS) and offshore ECP programs over the 2023-24 financial year.

Banner image below - The Bell Tower, Perth. Image courtesy of Tourism Western Australia.