Queensland Treasury 18-K Annual report (foreign governments)

EXHIBIT (e)

Co-registrant’s outstanding debt to the Commonwealth as of June 30, 2011 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, 2011
Agreement/Program	2006		2007		2008		2009		2010		2011
	($ millions)
Commonwealth and State Housing		465		454		445		417		404		391
Other (inc. Natural Disaster Relief Assistance)		6		51		56		69		59		53
TOTAL		471		505		501		484		463		444

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:

Guaranteed Debt Onlent by Queensland Treasury Corporation

	2005		2006		2007		2008		2009		2010		2011
Distribution of debt	$M		$M		$M		$M		$M		$M		$M
Bodies within the Public Accounts
Department of Education and the Arts		111		92		73		56		—		—		—
Department of Education and Training		—		—		—		—		—		—		70
Queensland Health		493		27		86		123		123		118		109
Department of Justice and Attorney-General		NA		94		86		70		57		39		20
Forestry Plantations Queensland		82		79		77		76		79		80		—
Department of Premier and Cabinet		12		29		27		17		17		16		15
Department of Public Works		528		484		439		386		364		348		304
Department of State Development and Innovation		354		159		147		135		138		128		118
Department of Transport and Main Roads - Queensland Transport		85		65		62		66		84		77		44

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	2005		2006		2007		2008		2009		2010		2011
Distribution of debt	$M		$M		$M		$M		$M		$M		$M
Department of Transport and Main Roads - Main Roads		938		863		987		1,015		1,077		1,031		1,064
Queensland Treasury		NA		NA		972		4,169		7,693		13,283		20,865
Other		166		32		39		51		83		64		81
Government Owned Corporations
Powerlink		1,476		1,642		1,954		2,427		3,098		3,433		3,621
ENERGEX Ltd		2,061		2,565		3,183		3,256		3,889		4,208		4,886
Stanwell Corporation Limited		209		118		114		127		259		655		656
Tarong Energy Corporation Limited		255		265		355		376		451		464		496
CS Energy Ltd		369		586		1,081		1,056		851		862		857
Gateway Investments Corporation Pty Ltd		316		304		315		—		—		—		—
Ergon Energy Corporation Limited		1,774		2,143		2,479		2,974		3,807		4,131		4,483
QR Limited		4,016		4,587		4,550		5,164		6,566		4,384		—
Queensland Rail Limited		—		—		—		—		—		3,070		3,083
Port Authorities & Facilities (various)		751		694		1,112		1,591		1,981		2,442		934
Local Governments
Brisbane City Council		1,022		938		867		699		390		1,176		1,216
Cairns Regional Council		79		72		61		—		—		107		101
Caloundra City Council		91		95		98		—		—		—		—
Gold Coast City Council		393		404		629		680		261		617		785
Ipswich City Council		104		97		92		118		189		304		357
Logan City Council		91		85		76		101		78		113		108
Maroochy Shire Council		151		151		142		—		—		—		—
Redland Shire Council		116		121		129		124		42		46		60
Fraser Coast Regional Council		—		—		—		96		114		123		113
Mackay Regional Council		—		—		—		99		115		112		193
Moreton Bay Regional Council		—		—		—		217		269		348		354
Rockhampton Regional Council		—		—		—		98		126		159		199
Sunshine Coast Regional Council		—		—		—		201		112		197		210
Townsville City Council		—		—		—		207		205		388		404
Gladstone Regional Council		—		—		—		36		49		113		127
Toowoomba Regional Council		51		68		67		84		102		100		94
Other		683		688		771		279		350		314		392
Statutory Bodies
Water Boards		210		206		228		2		2		150		156
Universities		93		130		123		109		150		135		132
Grammar schools		50		65		59		65		88		116		113
Queensland Bulk Water Supply Authority		—		—		—		537		2,168		2,384		2,261
Queensland Bulk Water Transport Authority		—		—		—		4		1,785		1,891		1,878
Queensland Manufactured Water Authority		—		—		—		—		236		2,639		2,665
SEQ Water Facility		—		—		—		185		—		—		—
SEQ Water Grid Manager		—		—		—		2		293		667		1,161
Unitywater		—		—		—		—		—		—		127
Queensland Urban Utilities		—		—		—		—		—		—		290
Allconnex Water		—		—		—		—		—		—		122
Other		352		358		418		618		658		531		574
Other Bodies
DBCT Holdings Pty Ltd		—		372		333		294		259		232		207
Qld Motorways Limited		983		932		1,250		1,799		2,370		2,899		—
Qld Water Infrastructure Pty Ltd		—		—		294		605		766		268		381
Queensland Treasury Holdings Pty Ltd		—		—		—		—		—		—		2,367
SEQ (Gold Coast) Desalination Co. Pty Ltd		—		—		—		281		547		—		—
Southern Regional Water Pipeline Co. Pty Ltd		—		—		—		930		143		254		468

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	2005		2006		2007		2008		2009		2010		2011
Distribution of debt	$M		$M		$M		$M		$M		$M		$M
Western Corridor Recycled Water Pty Ltd		—		—		284		1,292		1,897		—		—
Other		325		24		18		47		29		98		131
Total Funds Onlent		18,790		19,634		24,077		32,944		44,410		55,314		59,453
Undistributed borrowings		5,677		7,688		7,806		7,784		18,216		13,571		13,682
Total Guaranteed Debt		24,467		27,322		31,883		40,728		62,626		68,885		73,135

The Corporation raises funds in both the domestic and international capital markets with the market value of borrowings under management as at June 30, 2011 of $73.135 billion, which includes $4.604 billion of off shore debt based on the prevailing rates of exchange at June 30, 2011. 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 AUSTRALIAN DOLLAR INDEBTEDNESS

As at June 30, 2011

Coupon Rate (% per annum)	Maturity Date	Face Value (AUD)		Market Value (AUD)
6.50%	April 16, 2012		1,261,615,000		1,294,870,901
6.00%	August 14, 2013		3,447,463,000		3,602,559,895
6.00%	October 14, 2015		2,745,760,000		2,875,452,367
6.00%	September 14, 2017		4,632,765,000		4,892,498,319
6.25%	June 14, 2019		4,613,474,000		4,857,580,655
6.00%	June 14, 2021		3,233,580,000		3,341,231,386
6.50%	March 14, 2033		672,100,000		722,715,451
6.50%	April 23, 2012		4,806,117,000		4,924,864,867
6.00%	August 21, 2013		3,287,465,000		3,422,672,177
5.75%	November 21, 2014		7,730,200,000		7,912,970,765
6.00%	October 21, 2015		6,834,785,000		7,095,021,131
6.00%	April 21, 2016		5,026,250,000		5,222,168,161
6.00%	February 21, 2018		4,400,000,000		4,601,739,807
6.25%	February 21, 2020		5,540,000,000		5,853,926,817
6.00%	July 21, 2022		2,974,000,000		3,088,611,814
5.75%	July 22, 2024		1,000,000,000		1,008,301,771
CIB	August 20, 2030		774,450,300		718,045,780
Tnote	Various 2011		2,878,000,000		2,863,045,246
Various	Various 2011		41,704,231		42,453,284
Various	Various 2012		72,716,405		74,782,661
Various	Various 2013		47,035,000		47,776,484
Various	Various 2014		32,357,068		32,905,972
Various	Various 2015		25,350,000		25,794,703
Various	Various		7,510,996		9,139,587
Total			66,084,698,000		68,531,130,000

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OUTSTANDING OFFSHORE INDEBTEDNESS

GLOBAL A$ BONDS

As at June 30, 2011

Coupon Rate	Maturity Date		Currency		Face Value (AUD)		Market Value (AUD)
6.00%		August 14, 2013		AUD		584,976,000		611,270,116
6.00%		October 14, 2015		AUD		588,528,000		616,155,039
6.00%		September 14, 2017		AUD		631,196,000		666,583,643
Total						1,804,700,000		1,894,008,798

COMMERCIAL PAPER

As at June 30, 2011

Year of Issue	Yield			Maturity Date		Currency	Face Value (AUD)		Market Value (AUD)
2010		4.87	%		August 2011	AUD		8,000,000		7,967,210
2011		4.73	%		July 2011	AUD		20,000,000		19,945,264
2011		0.20	%		July 2011	USD		487,009,964		486,971,448
2011		4.93	%		August 2011	AUD		12,000,000		11,903,270
2011		0.25	%		August 2011	USD		139,677,810		139,647,033
2011		4.86	%		September 2011	AUD		10,000,000		9,883,770
2011		0.11	%		September 2011	CHF		17,898,806		17,888,765
2011		0.92	%		September 2011	GBP		7,487,661		7,477,289
2011		0.36	%		September 2011	USD		1,104,385,883		1,103,728,937
Total								1,806,460,124		1,805,412,986

EURO MEDIUM TERM NOTES

as at June 30, 2011

Year of Issue	Coupon Rate			Maturity Date		Currency	Face Value (AUD)		Market Value (AUD)
2007		7.125	%		September 2017	NZD		598,840,675		696,780,084
2009		2.650	%		April 2039	JPY		173,663,819		207,455,351
		Total						772,504,494		904,235,435

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