Queensland Treasury 18-K Annual report (foreign governments)

EXHIBIT (e)

Co-registrant’s outstanding debt to the Commonwealth as of June 30, 2012 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, 2012
Agreement/Program	2007		2008		2009		2010		2011		2012
	(A$ millions)
Commonwealth and State Housing		454		445		417		404		391		378
Other (inc. Natural Disaster Relief Assistance)		51		56		69		59		53		47
TOTAL		505		501		484		463		444		425

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

	2006		2007		2008		2009		2010		2011		2012
Distribution of debt	A$M		A$M		A$M		A$M		A$M		A$M		A$M
Bodies within the Public Accounts
Department of Education and Training		—		—		—		—		—		70		72
Queensland Health		27		86		123		123		118		109		104
Department of Public Works		484		439		386		364		348		304		307
Department of State Development and Infrastructure Planning		159		147		135		138		128		118		111
Department of Transport and Main Roads—Queensland Transport		65		62		66		84		77		44		103
Department of Transport and Main Roads—Main Roads		863		987		1,015		1,077		1,031		1,064		1,088
Queensland Treasury & Trade		NA		972		4,169		7,693		13,283		20,865		28,671

(e)-1

	2006		2007		2008		2009		2010		2011		2012
Distribution of debt	A$M		A$M		A$M		A$M		A$M		A$M		A$M
Other		326		302		270		236		199		116		64
Government Owned Corporations
Powerlink		1,642		1,954		2,427		3,098		3,433		3,621		4,086
ENERGEX Ltd		2,565		3,183		3,256		3,889		4,208		4,886		5,848
Stanwell Corporation Limited		118		114		127		259		655		656		869
Tarong Energy Corporation Limited		265		355		376		451		464		496		—
CS Energy Ltd		586		1,081		1,056		851		862		857		907
Gateway Investments Corporation Pty Ltd		304		315		—		—		—		—		—
Ergon Energy Corporation Limited		2,143		2,479		2,974		3,807		4,131		4,483		5,198
QR Limited		4,587		4,550		5,164		6,566		4,384		—		—
Queensland Rail Limited		—		—		—		—		3,070		3,083		3,300
Port Authorities & Facilities (various)		694		1,112		1,591		1,981		2,442		934		877
Local Governments
Brisbane City Council		938		867		699		390		1,176		1,216		1,829
Cairns Regional Council		72		61		—		—		107		101		106
Caloundra City Council		95		98		—		—		—		—		—
Fraser Coast Regional Council		—		—		96		114		123		113		128
Gladstone Regional Council		—		—		36		49		113		127		159
Gold Coast City Council		404		629		680		261		617		785		812
Ipswich City Council		97		92		118		189		304		357		415
Logan City Council		85		76		101		78		113		108		132
Mackay Regional Council		—		—		99		115		112		193		229
Maroochy Shire Council		151		142		—		—		—		—		—
Moreton Bay Regional Council		—		—		217		269		348		354		399
Redland Shire Council		121		129		124		42		46		60		69
Rockhampton Regional Council		—		—		98		126		159		199		237
Sunshine Coast Regional Council		—		—		201		112		197		210		254
Toowoomba Regional Council		68		67		84		102		100		94		164
Townsville City Council		—		—		207		205		388		404		419
Other		688		771		279		350		314		392		508
Statutory Bodies
Water Boards		206		228		2		2		150		156		228
Universities		130		123		109		150		135		132		182
Grammar schools		65		59		65		88		116		113		115
Queensland Bulk Water Supply Authority		—		—		537		2,168		2,384		2,261		5,716
Queensland Bulk Water Transport Authority		—		—		4		1,785		1,891		1,878		2,593
Queensland Manufactured Water Authority		—		—		—		236		2,639		2,665		—
SEQ Water Facility		—		—		185		—		—		—		—
SEQ Water Grid Manager		—		—		2		293		667		1,161		1,703
Other		358		418		618		658		531		574		588
Other Bodies
Allconnex Water		—		—		—		—		—		122		193
DBCT Holdings Pty Ltd		372		333		294		259		232		207		187
Qld Motorways Limited		932		1,250		1,799		2,370		2,899		—		—
Qld Water Infrastructure Pty Ltd		—		294		605		766		268		381		—
Queensland Urban Utilities		—		—		—		—		—		290		396
Queensland Treasury Holdings Pty Ltd		—		—		—		—		—		2,367		2,471
SEQ (Gold Coast) Desalination Co. Pty Ltd		—		—		281		547		—		—		—
Southern Regional Water Pipeline Co. Pty Ltd		—		—		930		143		254		468		—
Unitywater		—		—		—		—		—		127		225
Western Corridor Recycled Water Pty Ltd		—		284		1,292		1,897		—		—		—
Other		24		18		47		29		98		131		227

(e)-2

	2006		2007		2008		2009		2010		2011		2012
Distribution of debt	A$M		A$M		A$M		A$M		A$M		A$M		A$M
Total Funds Onlent		19,634		24,077		32,944		44,410		55,314		59,453		72,290
Undistributed borrowings		7,688		7,806		7,784		18,216		13,571		13,711		12,073
Total Guaranteed Debt		27,322		31,883		40,728		62,626		68,885		73,224		84,363

The Corporation raises funds in both the domestic and international capital markets with the market value of borrowings under management as at June 30, 2012 of A$84.363 billion, which includes A$4.749 billion of off-shore debt based on the prevailing rates of exchange at June 30, 2012. 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, 2012

Coupon Rate (% per annum)	Maturity Date		Face Value (AUD)		Market Value (AUD)
6.00%		August 14, 2013		2,793,129,000		2,945,751,901
6.00%		August 21, 2013		3,368,088,000		3,546,417,640
5.75%		November 14, 2014		6,468,329,00		6,875,583,554
6.00%		October 14, 2015		2,797,404,000		3,076,838,672
6.00%		October 21, 2015		7,195,823,000		7,826,785,564
6.00%		April 21, 2016		6,247,250,000		6,831,024,900
6.00%		September 14, 2017		4,739,403,000		5,368,722,338
6.00%		February 21, 2018		5,424,000,000		6,069,087,447
6.25%		June 14, 2019		4,613,474,000		5,323,392,415
6.25%		February 21, 2020		9,261,000,000		10,611,322,653
6.00%		June 14, 2021		3,233,580,000		3,746,708,377
5.50%		June 21, 2021		3,270,000,000		3,522,423,678
6.00%		July 21, 2022		6,382,000,000		7,298,722,210
5.75%		July 22, 2024		1,725,000,000		1,934,028,409
Capital Indexed Bond (CIB)		August 20, 2030		792,749,100		816,927,900
6.50%		March 14, 2033		672,100,000		843,740,081
Tnote		Various 2012		2,420,000,000		2,450,545,027
FRN		August 25, 2014		350,000,000		351,141,627
Various		Various 2012		43,894,843		44,797,775
Various		Various 2013		47,120,387		48,604,678
Various		Various 2014		35,592,904		37,333,556
Various		Various 2015		51,133,000		53,387,987
Various		Various 2016		28,500,000		30,061,657
Various		Various		4,640,250		5,906,823
Total				71,964,210,484		79,614,256,869

(e)-3

OUTSTANDING OFFSHORE INDEBTEDNESS

GLOBAL A$ BONDS

as at June 30, 2012

Coupon Rate	Maturity Date		Currency	Face Value (AUD)		Market Value (AUD)
6.00%		August 14, 2013	AUD		499,537,000		526,832,834
6.00%		October 14, 2015	AUD		513,084,000		564,336,210
6.00%		September 14, 2017	AUD		524,558,000		594,213,939
Total					1,537,179,000		1,685,382,983

COMMERCIAL PAPER

as at June 30, 2012

Year of Issue	Yield			Maturity		Currency	Face Value (AUD)		Market  Valuation (AUD)
2012		4.23	%		August 2012	AUD		14,000,000		13,936,489
2012		4.33	%		September 2012	AUD		5,000,000		4,968,761
2012		3.88	%		November 2012	AUD		15,000,000		14,838,688
2012		0.14	%		July 2012	EUR		58,143,067		58,138,253
2012		0.30	%		July 2012	USD		184,302,354		184,283,972
2012		0.25	%		August 2012	USD		36,368,998		36,355,338
2012		0.23	%		September 2012	USD		167,100,801		166,953,181
2012		0.33	%		October 2012	USD		130,731,803		130,549,215
2012		0.24	%		November 2012	USD		294,883,767		294,143,901
2012		0.34	%		December 2012	USD		786,356,711		784,029,013
Total								1,691,887,502		1,688,196,811

EURO MEDIUM TERM NOTES

as at June 30, 2012

Year of Issue	Coupon Rate			Maturity Date		Currency	Face Value (AUD)		Market Value (AUD)
2007		7.125	%		September 18, 2017	NZD		294,201,848		358,955,276
2008		7.125	%		September 18, 2017	NZD		392,269,131		472,943,566
2009		2.650	%		April 7, 2039	JPY		185,309,977		225,004,274
2011		1.720	%		September 16, 2039	CHF		113,260,407		122,111,663
		Total						985,041,363		1,179,014,779

(e)-4

USD FLOATING RATE NOTES

as at June 30, 2012

Year of Issue	Coupon Rate			Maturity Date		Currency	Face Value (AUD)		Market Value (AUD)
2011		0.486	%		November 19, 2012	USD		196,589,178		196,579,213
		Total						196,589,178		196,579,213

(e)-5