Queensland Treasury 18-K Annual report (foreign governments)

EXHIBIT (e)

Co-registrant’s outstanding debt to the Commonwealth as of June 30, 2010 and its contingent liability as

guarantor of the outstanding debt of other entities as of the end of the last five fiscal years

PUBLIC DEBT

The public sector indebtedness of Queensland is comprised of a number of distinct categories; Public Debt to the Commonwealth, Other State Debt to the Commonwealth, Queensland Treasury Corporation Guaranteed Debt and Other Guaranteed Debt and Contingent Liabilities.

During April 1995, the Commonwealth Government and Queensland Government entered into an agreement (the Financial Agreement) whereby Queensland would pre-redeem its debt to the Commonwealth. This was carried out in July 1995.

State Debt to the Commonwealth

In addition to the funds lent to the States pursuant to the Financial Agreement, the Commonwealth Government also lends funds to the States in accordance with a variety of agreed Commonwealth/State programs. In general, these funds are on-lent to borrowers in accordance with the terms of the agreed program, with repayment being made to the State from the revenues of the ultimate borrowers. When on-lent by Queensland, the debt is generally secured by State claims on tangible assets of the ultimate borrower.

The following table outlines the outstanding advances made by the Commonwealth under this category of debt.

Other State Debt to the Commonwealth and Treasury

	As at June 30,
Agreement/Program	2005		2006		2007		2008		2009		2010
	($ millions)
Commonwealth and State Housing		477		465		454		445		417		404
Other (inc. Natural Disaster Relief Assistance)		8		6		51		56		60		59
TOTAL		485		471		505		501		477		463

Guaranteed Debt On-lent by Queensland Treasury Corporation

Queensland Treasury Corporation’s primary function to date has been to act as a central financing authority for on-lending funds raised by it to Queensland public sector entities. The Treasurer of Queensland, on behalf of the State Government, guarantees QTC’s obligations under all debt securities issued by QTC.

The Corporation’s guaranteed debt, as at the end of each of the last seven fiscal years, and the distribution of this debt among various borrowing authorities is detailed in the following table:

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Guaranteed Debt Onlent by Queensland Treasury Corporation

Distribution of debt	2004		2005		2006		2007		2008		2009		2010
	$M		$M		$M		$M		$M		$M		$M
Bodies within the Public Accounts
Department of Education and the Arts		125		111		92		73		56		—		—
Department of Emergency Services		7		6		5		3		2		2		1
Queensland Health		539		493		27		86		123		123		118
Department of Justice & Attorney General		NA		NA		94		86		70		57		39
Department of Main Roads		948		938		863		987		1015		1077		1031
Forestry Plantations Queensland		85		82		79		77		76		79		80
Department of Premier & Cabinet		13		12		29		27		17		17		16
Department of Public Works		257		229		210		439		386		364		349
Department of State Development & Innovation		182		354		159		147		135		138		128
Queensland Transport		187		85		65		62		66		84		77
Queensland Treasury		NA		NA		NA		972		4169		7693		13283
Other		107		154		24		35		49		79		107
Government Owned Corporations
Queensland Electricity Transmission Corporation Limited (Powerlink)		1410		1476		1642		1954		2427		3098		3433
ENERGEX Limited		1763		2061		2565		3183		3256		3889		4207
Stanwell Corporation		231		209		118		114		127		259		655
Tarong Energy Corporation		287		255		265		355		376		451		458
CS Energy Ltd		260		369		586		1081		1056		851		862
Gateway Investments Corporation Pty Ltd		300		316		304		315		—		—		—
Ergon Energy Corporation Limited		1453		1774		2143		2479		2974		3807		4131
Queensland Rail		3827		4016		4587		4550		5164		6566		4380
Queensland Rail Ltd		—		—		—		—		—		—		3070
Port Authorities & Facilities (various)		641		751		694		1112		1591		1981		2442
Local Governments
Brisbane City Council		1013		1022		938		867		699		390		995
Cairns Regional Council		92		79		72		61		—		—		107
Caloundra City Council		78		91		95		98		—		—		—
Gold Coast City Council		347		393		404		629		680		261		617
Ipswich City Council		87		104		97		92		118		189		304
Logan City Council		98		91		85		76		101		78		113
Maroochy Shire Council		157		151		151		142		—		—		—
Redland Shire Council		106		116		121		129		124		42		46
Fraser Coast Regional Council		—		—		—		—		96		114		121
Mackay Regional Council		—		—		—		—		99		115		112
Moreton Bay Regional Council		—		—		—		—		217		269		348
Rockhampton Regional Council		—		—		—		—		98		126		159
Sunshine Coast Regional Council		—		—		—		—		201		112		197
Townsville City Council		—		—		—		—		207		205		388
Other		721		734		756		838		399		501		527
Statutory Authorities
Water Supply Boards		242		210		206		228		2		2		149
Universities		64		93		130		123		109		150		135
Grammar schools		45		50		65		59		65		88		114
Queensland Bulk Water Supply Authority		—		—		—		—		537		2168		2384
Queensland Bulk Water Transport Authority		—		—		—		—		4		1785		1890
Queensland Manufactured Water Authority		—		—		—		—		—		236		2639
Other		320		352		358		418		618		658		488
Other Bodies
Qld Motorways Limited		960		983		932		1250		1799		2370		2899
Suncorp\Metway\QIDC		—		—		3		3		2		2		1
DBCT Holdings Pty Ltd		—		—		372		333		294		259		232
Qld Water Infrastructure Pty Ltd		—		—		—		294		605		766		268
Western Corridor Recycled Water Pty Ltd		—		—		—		284		1292		1897		—
Southern Regional Water Pipeline Co. P/L		—		—		—		—		930		143		254
SEQ (Gold Coast) Desalination Co. P/L		—		—		—		—		281		547		—
SEQ Water Facility		—		—		—		—		185		—		1
SEQ Water Grid Manager		—		—		—		—		2		293		667
Other		490		441		17		15		45		27		91
Total Funds Onlent		17587		18790		19634		24077		32944		44408		55113
Undistributed borrowings		3987		5677		7688		7806		7784		18216		13772
Total Guaranteed Debt		21574		24467		27322		31883		40728		62624		68885

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The Corporation raises funds in both the domestic and international capital markets with the market value of borrowings under management as at June 30, 2010 at $68.885 billion, which includes $7.667 billion of off shore debt based on the prevailing rates of exchange at June 30, 2010. Borrowings under management include the debt of local authorities and statutory bodies managed by the Corporation. The Corporation hedges its foreign debt portfolio through interest rate and currency swaps and other hedging and currency switching transactions.

OUTSTANDING DOMESTIC A$ INDEBTEDNESS AS AT JUNE 30, 2010*

Domestic Debt

Coupon Rate	Face Value		Market Value		Date of Maturity
(% per annum)	(AUD)		(AUD)
6.00%		7,302,038,000		7,416,449,275	June 14, 2011
6.50%		4,600,700,000		4,805,563,182	April 14, 2012
6.00%		7,469,849,000		7,882,748,541	August 14, 2013
6.00%		8,803,110,000		9,251,058,503	October 14, 2015
6.00%		7,066,664,000		7,458,459,239	September 14, 2017
6.25%		4,532,000,000		4,789,269,832	June 14, 2019
6.00%		3,250,730,000		3,367,736,407	June 14, 2021
6.50%		607,100,000		672,777,484	March 14, 2033
5.75%		5,683,000,000		5,826,411,133	November 21, 2014
6.00%		3,000,000,000		3,110,420,548	April 21, 2016
6.25%		4,048,000,000		4,281,921,717	February 21, 2020
CIB		751,908,300		681,616,492	August 20, 2030
Zero		336,373,537		322,107,332	June 14, 2011
Tnote		1,103,000,000		1,089,161,618	Various 2010
Various		28,757,066		30,550,232	Various 2010
Various		80,681,886		83,119,213	Various 2011
Various		71,451,320		74,534,749	Various 2012
Various		46,033,963		46,855,655	Various 2013
Various		18,623,283		19,051,868	Various 2014
Various		6,990,250		8,844,120	Various
Total Domestic A$ Indebtedness		58,807,010,606		61,218,657,141

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OUTSTANDING OFFSHORE INDEBTEDNESS COMMERCIAL PAPER

As at June 30, 2010

Year of Issue	Currency		Amount		Yield			Maturity		A$ Market Valuation
2009		USD		100,000,000		0.38	%		July 2010		116,953,555
2010		GBP		25,000,000		0.22	%		July 2010		44,022,538
2010		USD		428,500,000		0.25	%		July 2010		501,127,576
2010		AUD		563,000,000		4.54	%		August 2010		559,976,784
2010		USD		395,000,000		0.30	%		August 2010		461,774,376
2010		USD		362,250,000		0.35	%		September 2010		423,312,680
2010		AUD		8,000,000		4.62	%		November 2010		7,863,929
2010		SGD		15,000,000		0.51	%		November 2010		12,526,134
2010		AUD		8,000,000		4.57	%		December 2010		7,828,838
2010		USD		624,000,000		0.53	%		December 2010		727,671,011
Total											2,863,057,422

OUTSTANDING AUSTRALIAN DOLLAR DENOMINATED OFFSHORE DEBT OF QUEENSLAND TREASURY CORPORATION

GLOBAL A$ BONDS

as at June 30, 2010

Interest Coupon	Maturity Date		Currency		Face Value(A$)		Market Value(A$)
6.00%		June 14, 2011		AUD		1,037,768,000		1,054,028,932
6.00%		Aug 14, 2013		AUD		771,232,000		813,859,557
6.00%		Oct 14, 2015		AUD		1,189,461,000		1,249,982,767
6.00%		Sept 14, 2017		AUD		690,466,000		728,747,329
Total						3,688,927,000		3,846,618,585

EURO MEDIUM TERM NOTES

as at June 30, 2010

Year of Issue	Coupon Rate			Maturity Date		Currency		Face Value(A$)		Market Value(A$)
2007		7.125	%		September 18, 2017		NZD		629,690,332		725,073,542
2009		2.650	%		April 7, 2039		JPY		197,867,212		231,999,319
Total									827,557,544		957,072,861

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