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FORM 18-K
For Foreign Governments and Political Subdivisions Thereof
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
ANNUAL REPORT
of
QUEENSLAND TREASURY CORPORATION
(registrant)
a Statutory Corporation of
THE STATE OF QUEENSLAND, AUSTRALIA
(co-registrant)
(Names of Registrants)
Date of end of last fiscal year:
June 30, 2003
SECURITIES REGISTERED
(As of the close of the fiscal year)
Amounts as to which Names of exchanges
Title of Issue registration is effective on which registered
Global A$ Bonds A$6,710,544,000 Luxembourg Stock Exchange (1)
Medium-Term Notes US$ Nil None (1)
(1) This Form 18-K is being filed voluntarily by the registrant and
co-registrant.
Names and address of persons authorized to receive notices and
communications of behalf of the Registrants from the Securities and
Exchange Commission:
Mr. Ken Allen
Australian Consulate-General
150 East 42nd Street, 34th Floor
New York, New York 10117-5612
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THE REGISTRANT
The information set forth below is to be furnished:
1. In respect of each issue of securities of the registrant registered, a
brief statement as to:
(a) The general effect of any material modifications, not previously
reported, of the rights of the holders of such securities.
No such modifications.
(b) The title and the material provisions of any law, decree or
administrative action, not previously reported, by reason of which the
security is not being serviced in accordance with the terms thereof.
No such provisions.
(c) The circumstances of any other failure, not previously reported, to
pay principal, interest, or any sinking fund or amortization
installment.
No such failure.
2. A statement as of the close of the last fiscal year of the registrant
giving the total outstanding of:
(a) Internal funded debt of the registrant. (Total to be stated in the
currency of the registrant. If any internal funded debt is payable in
a foreign currency it should not be included under paragraph (a), but
under paragraph (b) of this item).
The internal funded debt of the registrant as of June 30, 2003, totaled
A$14,990 million.
(b) External funded debt of the registrant. (Totals to be stated in the
respective currencies in which payable. No statement need be furnished
as to intergovernmental debt).
As of June 30, 2003 the external funded debt of the registrant, excluding
the net value of currency swaps and forwards contracts, was as follows (in
millions):
Repayable in United States dollars US$656
Repayable in Australian dollars A$5,930
Repayable in Japanese yen JPY373
Repayable in Hong Kong dollars HK$33
Repayable in Swiss francs CHF0
Repayable in British pounds GBP0
Repayable in New Zealand dollars NZD9
Repayable in Euro EUR127
3. A statement giving the title, date of issue, date of maturity, interest
rate and amount outstanding, together with the currency or currencies in
which payable, of each issue of funded debt of the registrant outstanding
as of the close of the last fiscal year of the registrant.
See Exhibit (d).
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4. (a) As to each issue of securities of the registrant which is registered,
there should be furnished a break-down of the total amount
outstanding, as shown in Item 3. into the following:
(1) Total amount held by or for the account of the registrant.
Nil.
(2) Total estimated amount held by nationals of the registrant (or if
registrant is other than a national government, by the nationals
of its national government); this estimate need be furnished only
if it is practicable to do so.
Nil.
(3) Total amount otherwise outstanding.
As of June 30, 2003 the total amount of registered securities under
the Global A$ Bond Facility of the registrant otherwise outstanding
was A$4,873 million and the total amount of registered securities
under the Medium Term Note Facility of the registrant otherwise
outstanding was nil.
(b) If a substantial amount is set forth in answer to paragraph (a) (1)
above, describe briefly the method employed by the registrant to
reacquire such securities.
Not applicable.
5. A statement as of the close of the last fiscal year of the registrant
giving the estimated total of:
(a) Internal floating indebtedness of the registrant. (Total to be stated
in the currency of the registrant).
As of June 30, 2003 the internal floating indebtedness (excluding internal
Queensland Treasury Corporation funding) of the registrant was A$687
million.
(b) External floating indebtedness of the registrant. (Total to be stated
in the respective currencies in which payable).
As of June 30, 2003, the registrant had no external floating indebtedness.
6. Statements of the receipts, classified by source, and the expenditures,
classified by purpose, of the registrant for each fiscal year of the
registrant ended since the close of the latest fiscal year for which such
information was previously reported. These statements should be itemized as
to be reasonably informative and should cover both ordinary and
extraordinary receipts and expenditures; there should be indicated
separately, if practicable, the amount of receipts pledged or otherwise
specifically allocated to any issue registered, indicating the issue.
Reference is made to the registrant's Financial Statements and the notes
thereto contained in the Consolidated Financial Statements of the
registrant for the fiscal year ended June 30, 2003 filed herewith as
Exhibit (c)(i).
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7. (a) If any foreign exchange control, not previously reported, has been
established by the registrant (or if the registrant is other than a
national government, by its national government), briefly describe
such foreign exchange control.
The written approval of the Australian Minister for Foreign Affairs is
required for transactions involving the control or ownership of assets by
persons or entities linked to terrorist activities and identified by the
United Nations and the Commonwealth of Australia under the Charter of the
United Nations (Anti-terrorism - Persons and Entities) List, as published
from time to time in the Commonwealth Government Gazette. This includes
individuals or entities linked with the Taliban, Usama bin Laden and other
terrorist organisations. Transactions involving persons published in the
Gazette without the permission of the Minister are a criminal offence.
Transactions involving individuals associated with the regime of
former President of Yugoslavia Slobodan Milosevic and certain ministers and
senior officials of the Government of Zimbabwe are prohibited under the
Banking (Foreign Exchange) Regulations 1959 (Cth). The Reserve Bank of
Australia publishes changes to prohibited parties and variations in the
restrictions on those parties from time to time in the Commonwealth
Government Gazette.
Transactions over A$100,000 involving the Embassy of the Federal
Republic of Yugoslavia, the Consulate-General of the Federal Republic of
Yugoslavia and Narodna Banka Jugoslavije (including Banque Nationale de
Yugoslavie) require prior approval from the Reserve Bank of Australia.
(b) If any foreign exchange control previously reported has been
discontinued or materially modified, briefly describe the effect of
any such section, not previously reported.
Australia's financial sanctions against the UNITA (the United National
Union for the Total Independence of Angola) were removed as of March
6, 2003.
Australia's financial sanctions against the Government of Iraq were
removed as of May 29, 2003.
8. Brief statements as of a date reasonably close to the date of the filing of
this report (indicating such date) in respect of the note issue and gold
reserves of the central bank of issue of the registrant, and of any further
gold stocks held by the registrant.
Not applicable.
9. Statements of imports and exports of merchandise for each year ended since
the close of the latest year for which such information was previously
reported. Such statements should be reasonably itemized so far as
practicable as to commodities and as to countries. They should be set forth
in terms of value and of weight or quantity; if statistics have been
established only in terms of value, such will suffice.
Not applicable.
10. The balance of international payments of the registrant for each year ended
since the close of the latest year for which information was previously
reported. The statements of such balances should conform, if possible, to
the nomenclature and form used in the Statistical Handbook of the League of
Nations. (These statements need be furnished only if the registrant has
published balances of international payments).
Not applicable.
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THE CO-REGISTRANT
The information set forth below is to be furnished:
1. In respect of each issue of securities of the registrant registered, a
brief statement as to:
(a) The general effect of any material modifications, not previously
reported, of the rights of the holders of such securities.
No such modifications.
(b) The title and the material provisions of any law, decree or
administrative action, not previously reported, by reason of which the
security is not being serviced in accordance with the terms thereof.
No such provisions.
(c) The circumstances of any other failure, not previously reported, to
pay principal, interest, or any sinking fund or amortization
installment.
No such failures.
2. A statement as of the close of the last fiscal year of the co-registrant
giving the total outstanding of:
(a) Internal funded debt of the co-registrant. (Total to be stated in the
currency of the co-registrant. If any internal funded debt is payable
in a foreign currency it should not be included under paragraph (a),
but under paragraph (b) of this item).
The co-registrant's only direct indebtedness is that owed to the
Commonwealth Government of Australia (the "Commonwealth"). As of June 30,
2003, the direct internal funded debt of the co-registrant was A$181
million. Public debt level for the years 1999 to 2003 are detailed in the
Description of Queensland and Queensland Treasury Corporation attached as
Exhibit (g).
(b) External funded debt of the co-registrant. (Totals to be stated in the
respective currencies in which payable. No statement need be furnished
as to intergovernmental debt).
As of June 30, 2003, the co-registrant had no external funded debt.
3. A statement giving the title, date of issue, date of maturity, interest
rate and amount outstanding, together with the currency or currencies in
which payable, of each issue of funded debt of the co-registrant
outstanding as of the close of the last fiscal year of the co-registrant.
Reference is made to listings of the debt outstanding to the Commonwealth
and outstanding debt of other entities guaranteed by the co-registrant
contained in the statement of the Co-registrant's outstanding debt to the
Commonwealth as of June 30, 2003 and its contingent liability as guarantor
of the outstanding debt of other entities as of the end of the last five
fiscal years attached as Exhibit (e).
4. (a) As to each issue of securities of the co-registrant which is
registered, there should be furnished a break-down of the total amount
outstanding, as shown in Item 3, into the following:
(1) Total amount held by or for the account of the co-registrant.
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Not applicable.
(2) Total estimated amount held by nationals of the co-registrant (or
if co-registrant is other than a national government, by the
nationals of its national government); this estimate need be
furnished only if it is practicable to do so.
Not applicable.
(3) Total amount otherwise outstanding.
Not applicable.
(b) If a substantial amount is set forth in answer to paragraph (a) (1)
above, describe briefly the method employed by the co-registrant to
reacquire such securities.
Not applicable.
5. A statement as of the close of the last fiscal year of the co-registrant
giving the estimated total of:
(a) Internal floating indebtedness of the co-registrant. (Total to be
stated in the currency of the co-registrant).
As at June 30, 2003, the co-registrant had no internal floating
indebtedness.
(b) External floating indebtedness of the co-registrant. (Total to be
stated in the respective currencies in which payable).
As at June 30, 2003, the co-registrant had no external floating
indebtedness.
6. Statements of the receipts, classified by source, and the expenditures,
classified by purpose, of the co-registrant for each fiscal year of the
co-registrant ended since the close of the latest fiscal year for which
such information was previously reported. These statements should be
itemized as to be reasonably informative and should cover both ordinary and
extraordinary receipts and expenditures; there should be indicated
separately, if practicable, the amount of receipts pledged or otherwise
specifically allocated to any issue registered, indicating the issue.
Reference is made to the co-registrant's Financial Statements and the notes
thereto contained in the co-registrant's budget papers for the 2003-2004
fiscal year filed herewith as Exhibit (c)(ii).
7. (a) If any foreign exchange control, not previously reported, has been
established by the co-registrant (or if the co-registrant is other
than a national government, by its national government), briefly
describe such foreign exchange control.
The written approval of the Australian Minister for Foreign Affairs is
required for transactions involving the control or ownership of assets by
persons or entities linked to terrorist activities and identified by the
United Nations and the Commonwealth of Australia under the Charter of the
United Nations (Anti-terrorism - Persons and Entities) List, as published
from time to time in the Commonwealth Government Gazette. This includes
individuals or entities linked with the Taliban, Usama bin Laden and other
terrorist organisations. Transactions involving persons published in the
Gazette without the permission of the Minister are a criminal offence.
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Transactions involving individuals associated with the regime of former
President of Yugoslavia Slobodan Milosevic and certain ministers and senior
officials of the Government of Zimbabwe are prohibited under the Banking
(Foreign Exchange) Regulations 1959 (Cth). The Reserve Bank of Australia
publishes changes to prohibited parties and variations in the restrictions
on those parties from time to time in the Commonwealth Government Gazette.
Transactions over A$100,000 involving the Embassy of the Federal Republic
of Yugoslavia, the Consulate-General of the Federal Republic of Yugoslavia
and Narodna Banka Jugoslavije (including Banque Nationale de Yugoslavie)
require prior approval from the Reserve Bank of Australia.
(b) If any foreign exchange control previously reported has been
discontinued or materially modified, briefly describe the effect of
any such section, not previously reported.
Australia's financial sanctions against UNITA (the United National
Union for the Total Independence of Angola) were removed as of March
6, 2003.
Australia's financial sanctions against the Government of Iraq were
removed as of May 29, 2003.
8. Brief statements as of a date reasonably close to the date of the filing of
this report (indicating such date) in respect of the note issue and gold
reserves of the central bank of issue of the co-registrant, and of any
further gold stocks held by the co-registrant.
Not applicable.
9. Statements of imports and exports of merchandise for each year ended since
the close of the latest year for which such information was previously
reported. Such statements should be reasonably itemized so far as
practicable as to commodities and as to countries. They should be set forth
in terms of value and of weight or quantity; if statistics have been
established only in terms of value, such will suffice.
Reference is made to the co-registrant's statements of exports of
merchandise, major overseas markets and imports attached as Exhibit (f).
10. The balance of international payments of the co-registrant for each year
ended since the close of the latest year for which information was
previously reported. The statements of such balances should conform, if
possible, to the nomenclature and form used in the Statistical Handbook of
the League of Nations. (These statements need be furnished only if the
co-registrant has published balances of international payments).
Not applicable.
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EXHIBITS
The following exhibits are filed as part of this annual report:
(a) Copies of any amendments or modifications, other than such as have been
previously filed, to all exhibits previously filed other than annual
budgets. If such amendments or modifications are not in the English
language, there should be furnished in addition a translation into English
if the original exhibit was translated into English.
(b) A copy of any law, decree, or administrative document outlined in answer to
Item 1(b). If such law, decree, or document is not in the English language,
there should be furnished in addition thereto a translation thereof into
English.
(c) A copy of the latest annual budget of the co-registrant, if not previously
filed, as presented to its legislative body. This document need not be
translated into English.
The registrant may file such other exhibits as it may desire, making them
so as to indicate clearly the items to which they refer.
This annual report comprises:
(1) Pages numbered 1 to 10 consecutively.
(2) The following exhibits:
Exhibit (a) - None.
Exhibit (b) - None.
Exhibit (c)(i) - Consolidated Financial Statements of the registrant
for the fiscal year ended June 30, 2003.
Exhibit (c)(ii) - Budget papers of the co-registrant for the 2003-2004
fiscal year.
Additional exhibits:
Exhibit (d) - Securities of the registrant outstanding as of June
30, 2003,
Exhibit (e) - Co-registrant's outstanding debt to the Commonwealth
as of June 30, 2003 and its contingent liability as
guarantor of the outstanding debt of other entities
as of the end of the last five fiscal years.
Exhibit (f) - Description of Queensland and Queensland Treasury
Corporation.
This annual report is filed subject to the Instructions for Form 18-K for
Foreign Governments and Political Subdivisions Thereof.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this annual report to be signed on its behalf by the
undersigned, thereunto duly authorized, at Brisbane, Australia on the thirteenth
day of November, 2003.
QUEENSLAND TREASURY CORPORATION
By: /s/ Stephen Rochester
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Name: Stephen Rochester
Title: Chief Executive
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this annual report to be signed on its behalf by the
undersigned, thereunto duly authorized, at Brisbane, Australia on the thirteenth
day of November, 2003.
GOVERNMENT OF QUEENSLAND
By: /s/ Terence Mackenroth
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Name: Terence Mackenroth
Title: Treasurer on behalf of the
Government of Queensland
INDEX TO EXHIBITS
Exhibit (a) - None.
Exhibit (b) - None.
Exhibit (c)(i) - Consolidated Financial Statements of the registrant
for the fiscal year ended June 30, 2003.
Exhibit (c)(ii) - Budget papers of the co-registrant for the 2003-2004
fiscal year.
Additional exhibits:
Exhibit (d) - Securities of the registrant outstanding as of
June 30, 2003,
Exhibit (e) - Co-registrant's outstanding debt to the Commonwealth
as of June 30, 2003 and its contingent liability as
guarantor of the outstanding debt of other entities
as of the end of the last five fiscal years.
Exhibit (f) - Description of Queensland and Queensland Treasury
Corporation.
This annual report is filed subject to the Instructions for Form 18-K for
Foreign Governments and Political Subdivisions Thereof.