Queensland Treasury 18-K Annual report (foreign governments)

EXHIBIT (e)

Co-registrant’s outstanding debt to the Commonwealth as of June 30, 2016, 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 “1995 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 1995 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	2009		2010		2011		2012		2013		2014		2015		2016
			(A$ millions)
Commonwealth and State Housing		417		404		391		378		365		351		337		323
Other (incl. Natural Disaster Relief Assistance)		69		59		53		93		98		203		288		191
Total		486		463		444		471		463		554		625		514

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Guaranteed Debt On-lent by Queensland Treasury Corporation

Queensland Treasury Corporation’s (the “Corporation” or “QTC”) primary function to date has been to act as a central financing authority for on-lending funds raised by it to Queensland Government Bodies. 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 (market value), 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 On-lent by Queensland Treasury Corporation

Distribution of Debt	2012		2013		2014		2015		2016
	(A$ millions)
Bodies within the Public Accounts
Department of Education and Training		72		66		63		58		53
Department of State Development		111		101		90		79		75
Department of Transport and Main Roads – Main Roads		1,088		1,009		936		852		758
Department of Transport and Main Roads – Queensland Transport		103		103		105		105		105
Public Works – Department of Housing and Public Works		307		199		17		15		14
Queensland Health		104		94		83		71		58
Queensland Treasury		28,671		36,652		41,483		43,605		37,324
Other		64		35		156		153		164
Government Owned Corporations
CS Energy Ltd		907		892		925		939		966
Energy Queensland Limited		—		—		—		—		18,497
Energex Limited		5,848		6,347		6,706		7,006		—
Ergon Energy Corporation Limited		5,198		5,318		5,396		5,507		—
Port Authorities & Facilities (various)		877		893		964		962		947
Powerlink		4,086		4,364		4,423		4,762		5,526
Stanwell Corporation Limited		869		853		639		903		981
Tarong Energy Corporation Limited		—		—		—		—		—
Local Governments
Brisbane City Council		1,829		2,296		2,918		2,404		1,927
Cairns Regional Council		106		100		98		97		96
Fraser Coast Regional Council		128		128		123		170		160
Gladstone Regional Council		159		190		191		186		171
Gold Coast City Council		812		841		882		878		876
Ipswich City Council		415		429		457		277		300
Logan City Council		132		205		247		285		292
Mackay Regional Council		229		247		263		224		224
Moreton Bay Regional Council		399		418		447		454		471
Redland City Council		69		69		67		63		59
Rockhampton Regional Council		237		254		171		172		172
Sunshine Coast Regional Council		254		282		249		297		340
Toowoomba Regional Council		164		165		173		185		215
Townsville City Council		419		393		388		389		409
Other		509		616		805		820		704
Statutory Bodies
Grammar schools		115		99		115		114		114
Queensland Bulk Water Transport Authority		2,593		—		—		—		—
SEQ Water		5,716		10,021		10,531		10,863		11,522
SEQ Water Grid Manager		1,703		—		—		—		—

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Guaranteed Debt On-lent by Queensland Treasury Corporation

Distribution of Debt	2012		2013		2014		2015		2016
	(A$ millions)
Unitywater		225		323		412		418		432
Universities		182		206		226		280		334
Water Boards		228		228		247		236		246
Other		589		224		198		169		151
Other Bodies
DBCT Holdings Pty Ltd		187		167		158		148		139
Queensland Rail Limited		3,300		3,341		3,352		3,386		3,455
Queensland Treasury Holdings P/L		2,471		154		—		—		—
Queensland Urban Utilities		396		538		599		1,579		2,124
Other		420		259		307		309		329
Total Funds On-lent		72,290		79,119		85,609		89,419		90,823
Undistributed borrowings		12,073		14,156		8,418		12,013		9,856
Total Guaranteed Debt		84,363		93,275		94,027		101,432		100,679

The Corporation raises funds in both the domestic and international capital markets with the market value of borrowings under management as at June 30, 2016 at A$100.679 billion, which includes A$2.292 billion of debt issued under overseas funding programs based on the prevailing rates of exchange at June 30, 2016. The Corporation hedges its foreign debt portfolio through interest rate and currency swaps and other hedging and currency switching transactions.

(e)-3

Outstanding Domestic Australian Dollar Indebtedness

as at June 30, 2016

Coupon Rate	Maturity Date		Face Value		Market Value
(% per annum)			(AUD)		(AUD)
QTC Bonds
6.00		September-2017		1,035,781,000		1,107,359,684
3.50		September-2017		4,560,442,000		4,701,282,650
6.00		February-2018		5,246,855,000		5,721,210,310
6.25		June-2019		3,040,058,000		3,445,194,406
4.00		June-2019		5,659,436,000		6,019,357,147
6.25		February-2020		9,686,000,000		11,387,968,520
6.00		June-2021		1,447,708,000		1,735,909,801
5.50		June-2021		7,044,419,000		8,227,412,596
6.00		July-2022		8,084,200,000		10,081,371,950
4.25		July-2023		7,847,100,000		9,027,755,680
5.75		July-2024		7,921,000,000		10,112,045,034
4.75		July-2025		5,827,500,000		7,056,693,670
3.25		July-2026		3,593,600,000		3,885,559,142
3.25		July-2028		1,000,000,000		1,076,481,726
Capital Indexed Bond (CIB)		August-2030		859,645,800		1,051,013,675
6.50		March-2033		1,167,104,000		1,749,597,013
Treasury Notes
Various		July-2016		1,625,000,000		1,623,989,280
Various		August-2016		1,366,000,000		1,363,270,128
Various		September-2016		590,000,000		588,026,532
Various		October-2016		375,000,000		372,814,641
Various		November-2016		210,000,000		208,399,573
Various		December-2016		890,000,000		881,968,770
Floating Rate Notes
3 mth BBSW + 8bps		September-2016		1,909,000,000		1,910,859,913
3 mth BBSW + 9bps		March-2017		2,246,400,000		2,250,918,504
3 mth BBSW + 6bps		November-2018		2,500,000,000		2,507,207,042
Credit Foncier loans
Various		2016		18,881,000		19,388,598
Various		2017		67,667,200		69,828,646
Various		2018		66,909,250		68,878,918
Various		2019		98,261,000		100,190,275
Various		2020		34,999,500		35,245,435
Total				86,018,966,750		98,387,199,259

(e)-4

Outstanding Offshore Indebtedness

Global A$ Bonds

as at June 30, 2016.

Coupon Rate	Maturity Date		Currency		Face Value		Market Value
					(AUD)		(AUD)
6.00%		September 14, 2017		AUD		185,032,000		197,818,822
Total						185,032,000		197,818,822

Euro Medium-Term Notes

as at June 30, 2016.

Year of Issue	Coupon Rate			Maturity Date		Currency		Face Value		Market Value
								(AUD)		(AUD)
2007		7.125	%		September 18, 2017		NZD		310,242,180		332,979,340
2008		7.125	%		September 18, 2017		NZD		429,566,095		461,048,317
2009		2.650	%		April 7, 2039		JPY		196,673,339		292,976,485
2013		1.720	%		September 16, 2039		CHF		151,042,154		208,388,879
Total									1,087,523,768		1,295,393,022

Commercial Paper

as at June 30, 2016.

Year of Issue	Yield			Maturity		Currency		Face Value		Market Value
								(AUD)		(AUD)
2016		1.83	%		September-2016		AUD		14,000,000		13,945,760
2016		1.90	%		August-2016		AUD		10,000,000		9,971,934
2016		1.11	%		August-2016		SGD		9,972,149		9,955,187
2016		0.64	%		July-2016		USD		269,088,463		269,025,351
2016		0.62	%		August-2016		USD		235,452,405		235,262,054
2016		0.57	%		September-2016		USD		215,270,770		215,021,653
2016		0.67	%		August-2016		USD		45,745,039		45,711,716
Total									799,528,826		798,893,655

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