Queensland Treasury 18-K Annual report (foreign governments)

EXHIBIT (e)

Co-registrant’s outstanding debt to the Commonwealth as of June 30, 2013 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, 2013
Agreement/Program	2008		2009		2010		2011		2012		2013
	(A$ millions)
Commonwealth and State Housing		445		417		404		391		378		365
Other (inc. Natural Disaster Relief Assistance)		56		69		59		53		93		98
TOTAL		501		484		463		444		471		463

Note: Amounts have been rounded to the nearest A$1 million. Consequently, rounded amounts may not add to totals.

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 five 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

	2009		2010		2011		2012		2013
Distribution of debt	A$M		A$M		A$M		A$M		A$M
Bodies within the Public Accounts
Department of State Development and Infrastructure Planning		138		128		118		111		101
Department of Education and Training		—		—		70		72		66
Public Works—Department of Public Works		364		348		304		307		199
Department of Transport and Main Roads—Main Roads		1,077		1,031		1,064		1,088		1,009
Department of Transport and Main Roads—Queensland Transport		84		77		44		103		103

	2009		2010		2011		2012		2013
Distribution of debt	A$M		A$M		A$M		A$M		A$M
Queensland Health		123		118		109		104		94
Queensland Treasury & Trade		7,693		13,283		20,865		28,671		36,652
Other		236		199		116		64		35
Government Owned Corporations
CS Energy Ltd		851		862		857		907		892
Energex Limited		3,889		4,208		4,886		5,848		6,347
Ergon Energy Corporation Limited		3,807		4,131		4,483		5,198		5,318
Port Authorities & Facilities (various)		1,981		2,442		934		877		893
Powerlink		3,098		3,433		3,621		4,086		4,364
QR Limited		6,566		4,384		—		—		—
Queensland Rail Limited		—		3,070		3,083		3,300		3,341
Stanwell Corporation Limited		259		655		656		869		853
Tarong Energy Corporation Limited		451		464		496		—		—
Local Governments
Brisbane City Council		390		1,176		1,216		1,829		2,296
Cairns Regional Council		—		107		101		106		100
Fraser Coast Regional Council		114		123		113		128		128
Gladstone Regional Council		49		113		127		159		190
Gold Coast City Council		261		617		785		812		841
Ipswich City Council		189		304		357		415		429
Logan City Council		78		113		108		132		205
Mackay Regional Council		115		112		193		229		247
Moreton Bay Regional Council		269		348		354		399		418
Redland City Council		42		46		60		69		69
Rockhampton Regional Council		126		159		199		237		254
Sunshine Coast Regional Council		112		197		210		254		282
Toowoomba Regional Council		102		100		94		164		165
Townsville City Council		205		388		404		419		393
Other		350		314		392		509		616
Statutory Bodies
Grammar schools		88		116		113		115		99
Queensland Bulk Water Supply Authority		2,168		2,384		2,261		5,716		10,021
Queensland Bulk Water Transport Authority		1,785		1,891		1,878		2,593		—
Queensland Manufactured Water Authority		236		2,639		2,665		—		—
SEQ Water Grid Manager		293		667		1,161		1,703		—
Universities		150		135		132		182		206
Water Boards		2		150		156		228		228
Other		658		531		574		589		224
Other Bodies
DBCT Holdings Pty Ltd		259		232		207		187		167
Qld Motorways Limited		2,370		2,899		—		—		—
Qld Water Infrastructure Pty Ltd		766		268		381		—		—
Queensland Treasury Holdings Pty Ltd		—		—		2,367		2,471		154
Queensland Urban Utilities		—		—		290		396		538
Southern Regional Water Pipeline Co. Pty Ltd		143		254		468		—		—
Unitywater		—		—		127		225		323
Western Corridor Recycled Water Pty Ltd		1,897		—		—		—		—
Other		576		98		253		420		259
Total Funds Onlent		44,410		55,314		59,453		72,290		79,119
Undistributed borrowings		18,216		13,571		13,771		12,073		14,156
Total Guaranteed Debt		62,626		68,885		73,224		84,363		93,275

The Corporation raises funds in both the domestic and international capital markets with the market value of borrowings under management as at June 30, 2013 of A$93.275 billion, which includes A$6.332 billion of off-shore debt based on the prevailing rates of exchange at June 30, 2013. 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, 2013

Coupon Rate (% per annum)	Maturity Date		Face Value (AUD)		Market Value (AUD)
QTC Bonds
6.00%		August 14, 2013		2,032,278,000		2,086,477,349
6.00%		August 21, 2013		1,978,898,000		2,030,613,114
5.75%		November 21, 2014		4,894,676,000		5,127,750,686
6.00%		October 14, 2015		1,806,134,000		1,955,853,447
6.00%		October 21, 2015		4,934,390,000		5,322,574,806
6.00%		April 21, 2016		5,642,750,000		6,132,488,313
6.00%		September 14, 2017		4,286,949,000		4,807,809,072
3.50%		September 21, 2017		3,477,052,000		3,501,882,078
6.00%		February 21, 2018		7,110,400,000		7,964,709,644
6.25%		June 14, 2019		4,613,474,000		5,236,511,884
4.00%		June 21, 2019		3,009,900,000		3,009,982,215
6.25%		February 21, 2020		9,786,000,000		11,160,876,658
6.00%		June 14, 2021		3,233,580,000		3,640,958,740
5.50%		June 21, 2021		4,771,000,000		5,104,339,208
6.00%		July 21, 2022		7,308,000,000		8,230,966,691
4.25%		July 21, 2023		3,273,500,000		3,185,699,040
5.75%		July 22, 2024		4,585,000,000		5,030,319,386
Capital Indexed Bond (CIB)		August 20, 2030		811,246,800		794,534,063
6.50%		March 14, 2033		725,100,000		843,390,355
Treasury Notes
Various		July 2013		429,000,000		428,535,417
Various		August 2013		99,000,000		98,630,801
Various		September 2013		478,000,000		475,400,004
Various		October 2013		51,000,000		50,570,251
Various		November 2013		175,000,000		173,102,337
Various		December 2013		11,000,000		10,866,617
Floating Rate Notes
3 mth BBSW minus 3bps		August 2014		350,000,000		350,884,265
Credit foncier loans
Various		2013		27,688,072		28,246,741
Various		2014		36,636,692		37,932,501
Various		2015		50,836,500		53,089,196
Various		2016		42,908,500		44,612,673
Various		2017		21,121,500		22,279,433
Various		2018		18,750		21,407
Total				80,052,537,815		86,941,908,390

OUTSTANDING OFFSHORE INDEBTEDNESS

GLOBAL A$ BONDS

as at June 30, 2013

Coupon Rate	Maturity Date		Currency	Face Value (AUD)		Market Value (AUD)
6.00%		August 14, 2013	AUD		351,024,000		360,385,550
6.00%		October 14, 2015	AUD		380,018,000		411,519,501
6.00%		September 14, 2017	AUD		437,960,000		491,171,708
Total					1,169,002,000		1,263,076,759

COMMERCIAL PAPER

as at June 30, 2013

Year of Issue	Yield			Maturity Date		Currency	Face Value (AUD)		Market Valuation (AUD)
2013		0.21	%		July 2013	USD		779,623,029		779,542,509
2013		0.25	%		August 2013	USD		1,056,383,668		1,056,079,649
2013		0.23	%		September 2013	USD		972,132,210		971,600,616
2013		0.25	%		October 2013	USD		1,207,064,161		1,205,961,675
Total								4,015,203,068		4,013,184,448

EURO MEDIUM TERM NOTES

as at June 30, 2013

Year of Issue	Coupon Rate			Maturity Date		Currency	Face Value (AUD)		Market Value (AUD)
2007		7.125	%		September 18, 2017	NZD		316,287,265		367,647,016
2008		7.125	%		September 18, 2017	NZD		337,373,083		388,311,883
2009		2.650	%		April 7, 2039	JPY		163,898,675		178,108,215
2011		1.720	%		September 16, 2039	CHF		125,552,025		122,351,340
Total								943,111,048		1,056,418,454