Queensland Treasury 18-K Annual report (foreign governments)

EXHIBIT (e)

Co-registrant’s outstanding debt to the Commonwealth as of June 30, 2023, 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 comprises 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

	2021-22		2022-23
	(A$ millions)
Advances – Commonwealth and State Housing		232		215
Advances – Other		31		20
Total		263		235

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:

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Guaranteed Debt On-lent by Queensland Treasury Corporation

Distribution of Debt	2019		2020		2021		2022		2023
	(A$ millions)
Bodies within the Public Accounts
Queensland Treasury		33,173		41,923		48,869		43,507		39,904
Other		210		258		247		225		221
Government Owned Corporations
CS Energy Ltd		654		658		635		873		1,117
CleanCo Queensland Limited		—		—		—		643		564
Energy Queensland Limited		18,912		19,799		19,999		17,920		18,599
Port Authorities & Facilities (various)		1,482		1,184		1,155		984		970
Powerlink		5,647		5,742		5,564		4,868		4,787
Queensland Hydro		—		—		—		—		54
Stanwell Corporation Limited		970		980		943		1,488		1,509
Local Governments
Brisbane City Council		2,184		2,314		2,381		2,402		2,407
Cairns Regional Council		123		171		179		171		144
Fraser Coast Regional Council		103		85		67		48		34
Gladstone Regional Council		141		131		108		85		76
Gold Coast City Council		702		698		704		659		560
Ipswich City Council		345		378		411		359		356
Logan City Council		211		271		258		283		302
Mackay Regional Council		177		161		139		70		54
Moreton Bay Regional Council		443		434		400		315		265
Redland City Council		42		45		46		44		46
Rockhampton Regional Council		128		148		151		147		115
Sunshine Coast Regional Council		354		592		680		416		369
Toowoomba Regional Council		180		201		207		175		191
Townsville City Council		448		440		440		418		408
Other		722		728		692		600		540
Statutory Bodies
Grammar schools		89		107		140		113		101
Seqwater		11,617		11,882		11,349		9,437		8,868
Unitywater		435		443		431		379		411
Universities		493		505		507		507		449
Water Boards		281		255		255		238		347
Other		336		676		646		688		633
Other Bodies
DBCT Holdings Pty Ltd		113		104		103		101		100
Queensland Rail Limited		3,901		4,149		4,094		3,821		4,212
Queensland Urban Utilities		2,215		2,551		2,540		2,383		2,510
Other		299		321		271		215		184
Total Funds On-lent		87,129		98,334		104,611		94,582		91,407
Undistributed borrowings		14,884		14,855		18,145		24,765		27,127
Total Guaranteed Debt		102,013		113,189		122,756		119,347		118,534

The Corporation raises funds in both the domestic and international capital markets with the market value of borrowings under management as at June 30, 2023 at A$118.534 billion, which includes A$1.148 billion of debt issued under overseas funding programs based on the prevailing rates of exchange at June 30, 2023.

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The Corporation hedges its foreign debt portfolio through interest rate and currency swaps and other hedging and currency switching transactions.

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Outstanding Domestic Australian Dollar Indebtedness

as at June 30, 2023

Coupon Rate	Maturity Date		Face Value		Market Value
(% per annum)			(AUD)		(AUD)
QTC Bonds
4.25%		21 July 2023		7,584,372,000		7,727,589,125
3.00%		22 March 2024		731,700,000		729,574,185
5.75%		22 July 2024		7,739,000,000		8,036,379,842
4.75%		21 July 2025		8,462,600,000		8,693,890,359
3.25%		21 July 2026		8,477,743,000		8,344,805,809
2.75%		20 August 2027		8,773,700,000		8,364,253,492
3.25%		21 July 2028		8,520,000,000		8,251,330,721
2.50%		6 March 2029		1,728,849,000		1,586,480,367
3.25%		21 August 2029		7,627,700,000		7,273,106,829
2.75%		20 August 2030		413,723,272		435,981,098
3.50%		21 August 2030		8,931,900,000		8,566,228,617
1.25%		10 March 2031		1,500,000,000		1,197,838,802
1.75%		21 August 2031		7,357,000,000		6,053,621,321
1.50%		2 March 2032		3,065,000,000		2,423,669,287
1.50%		20 August 2032		6,242,000,000		4,863,435,374
4.50%		9 March 2033		3,500,000,000		3,526,108,606
6.50%		14 March 2033		659,966,000		771,582,066
2.00%		22 August 2033		4,164,120,000		3,308,894,509
1.75%		20 July 2034		6,078,000,000		4,577,998,559
4.50%		22 August 2035		1,950,000,000		1,932,988,780
2.25%		16 April 2040		1,482,265,000		1,005,672,335
2.25%		20 November 2041		2,190,855,000		1,436,596,483
4.20%		20 February 2047		1,024,000,000		906,251,999
2.25%		28 October 2050		411,000,000		236,901,891
Treasury Notes
Various		July 2023		160,000,000		159,896,807
Various		August 2023		1,010,000,000		1,004,732,137
Various		September 2023		750,000,000		743,628,865
Various		October 2023		2,265,000,000		2,235,446,928
Various		November 2023		715,000,000		703,198,344
Floating Rate Notes
4.37%		25 November 2024		2,300,000,000		2,315,140,418
4.14%		3 March 2026		3,000,000,000		3,006,829,624
4.24%		15 April 2027		3,500,000,000		3,534,349,448
4.16%		25 February 2028		3,000,000,000		3,010,848,391
Other loans
Various		2023		39,095,000		38,850,560
Various		2024		47,925,000		45,745,315
Various		2025		228,140,500		210,809,302
Various		2026		106,013,211		102,097,114
Various		2027		23,250,000		23,074,013
Total				125,759,916,983		117,385,827,722

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Outstanding Offshore Indebtedness

Euro Medium-Term Notes

as at June 30, 2023

Year of Issue	Coupon Rate			Maturity Date	Currency	Face Value		Market Value
						(AUD)		(AUD)
2011		1.730	%	September 2039	CHF		184,554,168		185,998,845
2014		2.650	%	April 2039	JPY		156,500,840		196,117,145
2016		1.640	%	November 2046	EUR		657,170,859		509,838,734
2020		0.69	%	June 2050	EUR		90,135,654		47,472,067
Total							1,088,361,521		939,426,791

Commercial Paper

as at June 30, 2023

Year of Issue	Yield			Maturity		Currency		Face Value		Market Value
								(AUD)		(AUD)
2023		4.94	%		Sep-23		USD		75,449,527		74,539,418
2023		5.02	%		Oct-23		USD		135,809,148		134,046,491
Total									211,258,675		208,585,909

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