The 2023-24 Western Australian State Budget was handed down by the Hon. Mark McGowan MLA, then 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.
On 19 December 2023, the Hon. Rita Saffioti, Deputy Premier and Treasurer released the 2023-24 Government Mid-year Financial Projections Statement (or Mid-Year Review) providing the latest information on Western Australia's economic and fiscal outlook.
As at 20 December 2023, WATC’s forecast borrowing program for the remainder of 2023-24, and the forward estimates period is detailed in the following table:
| Term Funding Requirement | 2023-24 $B | 2024-25 $B | 2025-26 $B | 2026-27 $B |
| New Money Program (Estimated) | 0.4 | 0.7 | 1.6 | 1.2 |
| Projected Maturities | 1.6 | 6.0 | 7.4 | 6.0 |
| Less pre-funding | -1.6 | 0.0 | 0.0 | 0.0 |
| Total Maturities + New Money | 0.4 | 6.7 | 9.0 | 7.2 |
| Refinance from Short to Term Funding | 0.5 | 0.0 | 0.0 | 0.0 |
| Total Term Funding | 0.9 | 6.7 | 9.0 | 7.2 |
Funding Strategy for 2023-24
For the remainder of the 2023-24 financial year WATC’s funding strategy will focus on:
- the establishment of a new non-labelled benchmark bond,
- where possible building outstandings in existing bond and FRN lines, and
- accessing markets through reverse enquiry, taps and syndication.
Note the actual amounts and the composition of term funding is subject to the borrowing requirements of WATC's clients and market conditions.
WATC may also undertake the pre-funding of FY 2024-25 requirements subject to market conditions.
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.