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

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 whereby Queensland would pre-redeem its debt to the
Commonwealth. This was carried out in July 1995.

Public Debt to the Commonwealth

The public debt to the Commonwealth results either from the Financial Agreement
or from a specific arrangement between the Commonwealth and the Queensland
Government concerning funds borrowed by the Queensland Government under the now
expired Commonwealth Savings Bank Agreement.

Under the terms of the Financial Agreement, a State Government did not borrow in
the market in its own name. Instead, the Commonwealth Government borrowed in the
market in its name and then on-lent funds to the States. The resulting loan
liability of the States to the Commonwealth is referred to in Queensland as the
Public Debt to the Commonwealth. The debt servicing for these sums is funded
from the Consolidated Fund. States were unrestricted in their use of these
borrowings. The terms and conditions on which the Commonwealth Government
on-lent the funds to the States mirrored the terms and conditions under which
the Commonwealth itself borrowed the funds. However, under revised arrangements
agreed to at the June 1990 Loan Council Meeting, the States and Territories have
taken over responsibility as from July 1, 1990 for the refinancing of State and
Territory debt to the Commonwealth. The debt is now financed by the State under
a facility with Queensland Treasury Corporation.

The Debt Retirement Reserve Trust Account replaced the National Debt Sinking
Fund from 1 July 1995. The Account is established under the 1994 Financial
Agreement between the Commonwealth and the States as approved, ratified and
validated with respect to Queensland by the Financial Agreement Act 1994.

The 1994 Agreement sets contributions by the Commonwealth, on behalf of the
State at 0.28 per cent of the net public debt of the State at 30 June
immediately preceding the year in which the contribution is payable. The State
is required to make a contribution of an amount which, when added to the
Commonwealth contribution, to balance standing to the credit of the State in the
Trust Account and to interest payable on that balance, will equal the amount of
debt to be redeemed in a financial year. In any event, the State's contribution
cannot be less than 0.85 per cent of the net public debt at the preceding 30
June.

The State's Public Debt to the Commonwealth includes debt obligations in respect
of funds borrowed by the State in terms of the now expired Commonwealth Savings
Bank Agreement. This Agreement provided that the State could borrow up to 70% of
the net increase in depositors' balances of the Commonwealth Savings Bank in
Queensland at a concessional rate of interest equal to the Bank's cost of funds
plus 1.375%. This Agreement dated back to 1920 when the State's own Savings Bank
was

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absorbed into the Commonwealth Savings Bank. On January 20, 1995 the
Commonwealth Bank and Queensland Government entered into a new agreement which
released the State from all obligations under the Commonwealth Savings Bank
Agreement and Queensland Treasury Corporation assumed all debt servicing
obligations.

The outstanding balance of the State's Public Debt as of June 30 in each of the
previous five years is set out in the table below:

Public Debt to the Commonwealth
($ millions)

As at June 30,
- ----------------------------------------------------------------------------
1998 1999 2000 2001 2002 2003
- ----------- ----------- ----------- ----------- ----------- -----------
373/(1)(2)/ 342/(1)(2)/ 308/(1)(2)/ 261/(1)(2)/ 212/(1)(2)/ 181/(1)(2)/

/(1)/ Outstanding debt relates to Commonwealth Government Instalment Inscribed
Stock in the name of Commonwealth Bank of Australia.

/(2)/ Face value of debt less the Queensland Government's net balance in the
Debt Retirement Reserve Trust Account.

Other 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.

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The following table outlines the outstanding advances made by the Commonwealth
under this category of debt.

Other State Debt to the Commonwealth and Treasury
($ millions)

As at June 30,
--------------------------------
Agreement/Program 1999 2000 2001 2002 2003
- --------------------------------------------- ---- ---- ---- ---- ----

Commonwealth and State Housing .............. 526 517 507 497 486
Rural Adjustment ............................ 9 -- -- -- --
Softwood Forestry Agreement ................. -- -- -- -- --
Fitzroy Brigalow Land Development ........... 1 -- -- -- --
Backlog Sewerage Agreement .................. 18 17 17 16 16
National Railway Network .................... -- -- -- -- --
Natural Disaster Relief Assistance .......... 1 6 14 13 11
Marginal Dairy Farms Scheme ................. -- -- -- -- --
Other ....................................... -- -- -- -- --
TOTAL .................................... 555 541 538 526 513

Note: Amounts have been rounded to the nearest $1 million. Consequently, rounded
amounts may not add to rounded 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 various
Queensland statutory bodies. See section above headed "Queensland Treasury
Corporation". Under the provisions of the Act and the Statutory Bodies Financial
Arrangements Act 1982 (as amended), financial arrangements entered into by a
statutory body may be guaranteed by the Treasurer on behalf of the Government of
Queensland.

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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
($ million)

As at June 30,
-----------------------------------------------------------
1997 1998 1999 2000 2001 2002 2003
Distribution of debt $M $M $M $M $M $M $M
- -------------------------------------------------------------- ------ ------ ------ ------ ------ ------ -----

Bodies within the Public Accounts
Department of Corrective Services (9) ..................... 0 0 119 140 200 245 224
Department of Education ................................... 0 0 0 3 13 96 146
Department of Emergency Services .......................... 5 8 9 8 10 10 9
Department of Environment ................................. 0 0 0 0 0 0
Department of Health ...................................... 534 531 490 479 643 641 623
Department of Primary Industries-Forest Services .......... 59 87 78 80 82 83 89
Department of Premier & Cabinet ........................... 6 22 20 36 17 15 13
Department of Public Works (10) ........................... 386 406 331 305 302 265 253
Department of Housing (10) ................................ 0 0 75 67 60 0 0
Q-FLEET (car fleet leasing for Qld) ....................... 226 236 234 215 215 211 236
Department of Tourism Small Business & Industry ........... 8 0 0 0 0 0 0
Department of Transport (1) ............................... 135 115 89 106 73 82 168
Department of Main Roads (1) .............................. 473 615 574 834 992 1003 1081
Department of Training and Industrial Relations ........... 5 4 0 8 9 8 15
Queensland Treasury Department ............................ 7 7 8 0 0 61 66
Queensland Treasury (Consolidated Revenue) ................ 1 1 1 0 0 0 0
State Gas Pipeline Construction Fund ...................... 0 0 0 0 0 0 0
Treasury Machine Gaming Division .......................... 30 13 0 0 0 0 0
Department of Natural Resources (11) ...................... 199 169 151 138 127 0 0
Other ..................................................... 0 24 19 62 89 159 246

Government Owned Corporations
Queensland Electricity Commission (2) ..................... 0 0 0 0 0 0 0
AUSTA Electric (2)(5) ..................................... 1,314 0 0 0 0 0 0
Queensland Transmission and Supply Corporation (2)(5) ..... 1,394 0 0 0 0 0 0
Far North Queensland Electricity Corporation Limited (5) .. 0 133 0 0 0 0 0
Mackay Electricity Corporation Limited (5) ................ 0 60 0 0 0 0 0
North Queensland Electricity Corporation Limited (5) ...... 0 156 0 0 0 0 0

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Queensland Electricity Transmission Corporation Limited
(Powerlink) (5) ........................................... 0 642 741 1031 1141 1260 1395
ENERGEX Limited (5)(8) .................................... 0 970 1280 1510 1520 1776 1880
South West Queensland Electricity Corporation Ltd (5) ..... 0 127 0 0 0 0 0
Wide Bay Burnett Electricity Corporation Ltd (5) .......... 0 80 0 0 0 0 0
Capricornia Electricity Corporation Limited (5) ........... 0 147 0 0 0 0 0
Stanwell Corporation (5) .................................. 0 658 527 371 347 331 338
Tarong Energy Corporation (5) ............................. 0 448 289 235 419 558 684
CS Energy Ltd (5) ......................................... 0 45 73 192 421 570 567
Ergon Energy Corporation Limited (7) ...................... 0 0 767 1072 1152 1287 1452
North West Energy Pty Ltd (5)(7) .......................... 0 0 0 0 0 0 0
Queensland Rail ........................................... 2,643 3,131 3,313 3,822 3976 3800 3960
Port Authorities & Facilities (various) ................... 444 518 514 729 776 720 837

Local Governments
Brisbane City Council ..................................... 1,081 1130 1084 1107 1116 1087 1125
Cairns City Council ....................................... 127 136 134 129 123 111 109
Gold Coast City Council ................................... 372 366 342 318 313 313 331
Logan City Council ........................................ 130 136 123 124 123 117 110
Maroochy Shire Council .................................... 174 198 186 177 169 162 167
Redland Shire Council ..................................... 109 106 99 98 95 91 105
Others .................................................... 852 959 930 892 907 822 920

Statutory Authorities
River Improvement Trusts ..................................... 5 5 4 3 2 2 1
Water Supply Boards .......................................... 121 90 98 62 97 164 242
Other Statutory Authorities
Universities .............................................. 53 52 49 46 71 54 66
Grammar schools ........................................... 23 26 31 39 40 42 49
Other ..................................................... 60 40 79 90 101 159 327

Queensland Home Lending Programs ............................. 276 214 170 139 0 0 0

Other Bodies
Qld Motorways Limited (6) ................................. 0 769 782 834 879 981 1069
Gateway Bridge Company (6) ................................ 392 0 0 0 0 0 0
Logan Motorway Company (6) ................................ 316 0 0 0 0 0 0
Suncorp\Metway\QIDC (3) ................................... 2,445 2071 400 386 379 320 0
Sunshine Motorway Company (6) ............................. 133 0 0 0 0 0 0
Queensland Treasury Holdings (4) .......................... 857 840 717 572 0 0 33

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Treasury Special Purpose Trust ............................ 99 95 0 0 0 6 0
Other ..................................................... 175 141 131 107 348 655 587

Total Funds Onlent 15,675 16,727 15,151 16,561 17,185 18,269 19523

Undistributed borrowings ..................................... 1,139 3,685 4,824 2,308 4,857 4,679 3799
Total Guaranteed Debt ........................................ 16,814 20,412 19,885 18,874 22,042 21,875 22073

1. In 1995/96, as a consequence of the change in Government, the Transport
Portfolio was split between the Department of Transport and the Department
of Main Roads.

2. On 1 July 1995, Queensland Electricity Commission was divided into AUSTA
Electric (the generator) and Queensland Transmission and Supply Corporation
(the transmitter and supplier).

3. On 1 December 1996, Suncorp and QIDC merged with Metway Bank Limited, a
public company.

4. The electricity industry was restructured on 1 July 1997 at which time
Austa Electric was divided into CS Energy Ltd., Stanwell Corporation
Limited and Tarong Energy Corporation Limited; and Queensland Transmission
and Supply Corporation was divided into Queensland Electricity Transmission
Corporation Ltd, South East Queensland Electricity Corporation Limited,
South West Queensland Electricity Corporation Ltd, Wide Bay Burnett
Electricity Corporation Ltd, Capricornia Electricity Corporation Limited,
Far North Queensland Electricity Corporation Limited and North Queensland
Electricity Corporation Limited.

5. Gateway Bridge Company and Logan Motorway Company are included under Qld
Motorways Limited. The onlendings in relation to Sunshine Motorway Company
were transferred to Department of Main Roads on 4 August 1997.

6. The electricity industry was further restructured during 1998-99 when South
West Queensland Electricity Corporation Ltd, Wide Bay Burnett Electricity
Corporation Ltd, Capricornia Electricity Corporation Limited, Far North
Queensland Electricity Corporation Limited and North Queensland Electricity
Corporation Limited were merged to form Ergon Energy Corporation Limited.
North West Energy Pty Ltd is a fully owned subsidiary of CS Energy Limited.
North West Energy has borrowings of $169m on a non-recourse basis, not
included in these figures.

7. Also during 1998-99 South East Queensland Electricity Corporation Limited
changed its name to ENERGEX Limited.

8. The statutory authority, QCORR, was included into the Department of
Corrective Services on 15 May 1999, and outstanding debt was consequently
taken over by the Department.

9. In 1998-99, as a result of machinery of Government changes, the Department
of Public Works and Housing was divided into the Department of Public Works
and the Department of Housing.

10. The Water Resources Commission was included in the Department of Natural
Resources in July 1996.

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The Corporation raises funds in both the domestic and international capital
markets with the market value of borrowings (including State Debt to the
Commonwealth of $182 million) under management as at June 30, 2003 at $22.219
billion, which includes $7.229 billion of off-shore debt based on the prevailing
rates of exchange at June 30, 2003. 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.

The following table shows at June 30, 2003 the amount of principal of the
Corporation's outstanding indebtedness maturing over the next five years and for
subsequent years. This table includes borrowings made by Authorities for which
debt service responsibility has been assumed by the Corporation. The face value
of maturing paper is used in the maturity structure. Accordingly, comparisons
with the market value of debt disclosed in the previous paragraph are
irrelevant.

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