Queensland Treasury Corporation Annual Investor Engagement ... · leaders around currency manipulation, epitomised by Brazil’s Finance Minister Guido Mantega on September 27 as

Queensland Treasury Corporation

Annual Investor Engagement Program 11 to 21 October 2010

The Honourable Andrew Fraser MP Treasurer Minister for Employment and Economic Development

Queensland Treasury Corporation

Annual Investor Engagement Program

Report by the Honourable Andrew Fraser MP, Treasurer, Minister for Employment and Economic Development

Overview: From 11 to 22 October 2010, I led a State Government delegation on the Queensland Treasury Corporation (QTC) Annual Investor Engagement Program. That delegation comprised of Stephen Rochester, Chairman of QTC, Alex Beavers Deputy Under Treasurer, Richard Jackson, Head of Financial Markets at QTC, and Timothy Linley, Advisor to the Treasurer. The delegation travelled to meet with global bond market investors in Asia, Europe and the United States. From to 1 to 7 November I led a delegation including Mr Jackson and Sir Leo Heilscher, Foundation Chairman of QTC to the United Kingdom. My travel and accommodation expenses for this leg of the program were met by me personally, with taxpayers not contributing to my travel program. At the conclusion of the program in the UK I stayed an additional evening to attend a personal engagement. Given the private component of the program, I chose to meet the costs of all travel and accommodation personally. While I was absent the Premier acted as Treasurer. Over the last 22 years the Treasurer of Queensland has visited global bond market investors to inform them about the diversified structure of the Queensland economy, the strength of Queensland’s political and financial institutions and the outlook for the Queensland and Australian economy. Investors throughout the world consistently provide feedback that these briefings are crucial to informing their investment decisions and view of Queensland, and that they are appreciative of being able to directly question the Treasurer of the day on the policy direction of the Government, and as the guarantor of QTC’s bond issuance.

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With the end of the Federal Government AAA+ guarantee on new bond issuance after 31 December 2010, the meetings were of particular importance in informing investors who are unfamiliar with Queensland about the fundamental strengths of the Queensland Government’s balance sheet and the economy more broadly. In last year’s Investor Engagement Program QTC sounded out establishing a State guaranteed line of issuance. This year investors were provided with the opportunity to learn about the particular maturity dates being targeted by QTC to provide more liquidity in the state guaranteed yield curve, as issuance is transitioned from the Commonwealth guaranteed line. While travelling QTC announced the issue of 1.6$b of 2015 and $1.55b of 2013 maturity bonds as part this process. QTC also provided assurance to investors that the Commonwealth guarantee will continue on issuance before 31 December 2010 until maturity, in accordance with the rules of the Australian Government Guarantee scheme. To cover as many markets as possible the delegation split into two groups for most of time. Presentations were provided to both investors and members of QTC’s Fixed Income Group which is a syndicate of global leading banks that assist to issue QTC paper. The meetings provided an opportunity to give an overview of Queensland, including our strong economic growth and contribution to the Australian economy through the last decade, the profile of Queensland’s infrastructure program, the structure of Queensland’s diversified service‐based economy, the skilled profile of Queensland’s population growth, the asset sales program and other components of the Government’s fiscal strategy to return the budget surplus and AAA credit rating, and broader observations on the outlook for the Queensland and Australian economies.

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The meetings also saw detailed briefings on the trend for the split of offshore versus onshore bonds, bond line maturities, the 2010‐11 borrowing program, the reduction in future forecast borrowings (in line with returns from the asset sales program), the system of issuing State guaranteed paper on odd dates to distinguish from Commonwealth guaranteed paper on even dates, and the profile for commercial paper. There was consistent positive feedback from investors that the State Guaranteed bond line provided an attractive yield, while also being a more secure investment than other AA+ rated issuance. Some investors expressed a strong interest in investing in State guaranteed bonds and had further discussions with their Fixed Income Group client managers directly after receiving briefings.

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In New York the delegation met with Paul Coughlin, Global Head and Executive Managing Director of Corporate and Government Ratings at Standard and Poors (S&P). The meetings was an opportunity to provide an update on the Queensland economy, the Government’s fiscal strategy and plan to maintain our position within the threshold for a AAA rating and the progress of the asset sales program. Mr Coughlin acknowledged the Queensland Government’s strong position of having fully funded superannuation liabilities and that the rating was no reflection on the merits of the Government’s policy to continue to support employment and growth through the Global Financial Crisis (GFC) by investing in infrastructure.

It was acknowledged that Australia has strong institutions and processes for financial management and accountability compared with other sovereigns. It was also an opportunity to discuss the methodology and changes to the approach of S&P. MrCoughlin provided an overview of structural changes in S&P following the GFC, the stress test requirements for AAA sovereigns, and the lessons for rating agencies from the US housing bubble.

As we left Australia to embark on the Investor Engagement Program the attention of the media and market analysts was on the continuingly strong rhetoric from global political leaders around currency manipulation, epitomised by Brazil’s Finance Minister Guido Mantega on September 27 as he outlined what he saw as an “international currency war”. The debate was fuelled by speculation of Quantitative Easing II by the US Federal Reserve on 3 November 2010 and the continued weakening of the $USD. Fundamental questions were being raised in the debate about the future structure of the global economy, as the developed world attempted to stimulate demand, partly through weakening currencies while simultaneously implementing austerity measures. Arguments were being made in developing economies that they should not just accept a flood of capital from the developed world (with the weakening of the $USD), and risk either losing export competitiveness or

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their economies overheating. Meanwhile in the US claims continued to be made that the Chinese yuan is overvalued. The world was looking to the G20 summit in South Korea for an agreement on finding a balance between maintaining demand in the developed world, while having sustainable capital inflows into the developing world. It was against this backdrop that investors were particularly interested to know where Australia and Queensland economies are situated. Investors asked about the high $AUD and the impacts on tourism and exporters and whether Australia intended to take any action to stop the appreciation of the currency. The state of the housing market and concerns of over‐valuation were evident along with questions on the implementation of new mining tax arrangements.

Program in detail Asia (Hong Kong, Singapore, Tokyo)

The delegation travelled ahead on Monday 11 October and held meetings in Hong Kong with CITI Bank, the Industrial Commercial Bank of China, the Hong Kong Monetary Authority, the Bank of China and Royal Bank of Canada, as well as presenting at a lunch for the Fixed Interest Dealer Group.

After staying to attend Cabinet I flew out late Monday night to join the team on the morning of Tuesday 12 October. As we arrived in Singapore markets were focused on whether China would lift interest rates. The Thai Government had just announced a new 15% withholding tax for foreign investors on its bonds which heightened speculation in markets of a looming ‘currency war’, and attention had turned to whether Singapore’s central bank would lift interest rates in response to the appreciating Singapore dollar.

We started the morning by meeting with the FIDG ANZ representatives before meeting with Nah Chiew Ming at UOB Asset Management. Nah Ching Miew was interested in Queensland becoming increasingly leveraged to Asia, the broad‐based nature of Queensland’s economy and exports and the impact of the high $AUD. We discussed how a sustained high $AUD would impact on our tourism and export industries.

We then met with Tan Wee Kiat and Lauren Poon at the Government of Singapore Investment Corporation (GSIC), along with Han Jer Ding from ANZ. They asked about the historical and future profile of Queensland’s infrastructure program and how competition from Indonesia would affect Queensland’s coal exports. We discussed the nature of our coal industry, especially the fact that the majority of coal exports from Queensland are metallurgical coal. GSIC shared the view that China will continue to have strong demand for

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metallurgical coal due to both urbanisation and the expansion of infrastructure, such as ship yards. At lunch I gave the Keynote Address to assembled FIDG members on Queensland and the Government’s fiscal strategy, along with presentations from the Treasury and QTC.

In the afternoon we met with Cheryl Lum and Akihisa Abeta at Nomura Asset Management. Of interest was the impact of the high $AUD on foreign investment, with investors trying to determine the right level to buy. There was confidence expressed in the credit quality of QTC’s paper and questions were raised about household debt levels in Australia. The final meeting of the day was with Akio Shimiza, Yusuka Tanaka and Alex Moh Swee Liang at Mitsubishi UFJ. There were questions asked about whether QTC intended to change the offshore onshore split and it was mentioned that central banks in Asia are slowly opening to semi‐government issuance. The meeting ended positively with a further meeting arranged with the local FIDG representative. The Deputy Under Treasurer and the General Manager of Financial Markets for QTC left in the evening for Tokyo and met on Wednesday with investors from Merrill Lynch, Chuo Mitsui Asset Management, DIAM and Daiwa Asset Management. On Thursday meetings took place in Tokyo with Prudential and Daiwa SB Investment.

Europe (Frankfurt, Zurich, Paris) The Chairman and I arrived in Frankfurt on Wednesday morning after flying overnight. The previous day the European Central Bank’s Axel Weber had called on the European Central Bank to phase out its bond purchasing program immediately, and argued that the risk of “exiting too late” was greater than the danger of “exiting too early”. Weber went on to argue that providing Greece with the 110 billion‐euro bail‐out violated the EU’s no‐bailout rule and called for a clause forbidding countries to pay for the debts of others to “be reinvigorated”. These comments reignited debate in European markets around resolving the sovereign debt crisis.

In Frankfurt we met with Falk Solbrig and Dr Bettina Műller from DWS Investment who were interested in the measures the Queensland Government is taking to restore Queensland’s AAA+ credit rating. Following this we met Daniel Kitter from Deka Investment. Daniel Kitter advised that there is a strong interest in Australian bonds, in part because of the high $AUD and was interested to explore the reasons for taking up the Commonwealth guarantee in view of their consideration of the strong credit quality of QTC bonds. In the evening we had dinner with Mitesh Maru, Director of Interest Rate Sales from UBS.

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On Thursday morning we flew to Zurich. The Swiss economy was continuing to outperform many other European economies with GDP growth of 3% forecast for 2010‐11 and unemployment of 4%. In the morning met with Sandro Streit, Brigitte Bieg, Dr Patrick Muhl, Roman Baumann and Dr Jonas Stulz of the Swiss National Bank. They were surprised by the liquidity in Australian bonds and were interested in the State guarantee arrangements. Following this meeting we attended a lunch hosted by Claudio Schneider and Fabian Welandagoda from UBS, with Mario Fraefel, Peter Schűtz and Christof Stegmann from Julias Bär Funds. While many investors are familiar with Australia and QTC, this meeting was opportunity to introduce new investors to QTC. The discussion focussed on Queensland’s infrastructure program, the Commonwealth Parliament, progress in implementing the MRRT, the potential for a housing bubble in Australia and whether the RBA would take any measures to limit the $AUD rise. We discussed comments earlier in the month by Deputy Governor of the Reserve Bank Ric Battellino about the recent moderation of house prices against the growth in income as a “satisfactory state of affairs”. On the appreciation of the $AUD we discussed the RBA’s central focus being on inflation and any action would depend on the extent to which terms of trade impact on inflation. In the afternoon we met with Slawomir Bembenik of Swiss Re. Mr Bembenik was interested in the nature of trade relationships between Queensland and both Japan and China and in the pathway through the asset sales program to the restoration of the AAA+ rating. Following this we provided a briefing to Juan Andres Duran, Patrik Schär, Felix Schmidt and Karin Oury of Frankfurter Bankgesellschaft. In the evening we presented at a dinner hosted with Credit Suisse Global Asset Management. Following discussion around the Queensland and Australian economies there was a broader discussion around the future of the European Monetary Union. Concerns were raised about the potential in the medium to long‐term of political tension in Germany as a result of the bail‐out packages for Greece and the previous misreporting of financial information by the Greek Government, especially with Ireland, Portugal and Spain also in difficulty. There were questions raised about the sustainability of France’s budget and the strikes and political turmoil that had emerged from lifting the retirement age from 60‐62. The ‘currency wars’ were a topic of conversation and whether the US Government was reasonable to ask China to appreciate the yuan, along with questions of whether Australia would seek to prevent appreciation of the $AUD.

On Friday morning we flew to Paris for meetings, after being delayed due to the industrial action in France. As we arrived we drove through a student protest against the increasing retirement age.

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Our first meeting was with Catherine Clausse at Amundi Asset Management. Ms Clausse asked about the rating and the plan to restore a AAA credit, and how closely Queensland is leveraged to Asia.

We then met with Sebastian Levy, Olivier Caillaud and Dirk Saueracker of Banque de France. Banque de France indicated that they see strong fundamentals in Australia and particularly Queensland. Mr Levy has previously worked for the RBA. There was support expressed for the reasons Queensland continued its infrastructure program of both increasing the supply chain and to tackle population growth.

The United States (San Francisco, Los Angeles, Boston, New York) On Thursday the other team met with Franklin Templeton and Mellon Capital after arriving in the afternoon in San Francisco. On Friday they flew to Los Angeles to meet with Payden Rygel, Bradford Marzac and Nuveen Investment. The $AUD reached parity with the $USD on Friday night leading to speculation in markets as to whether this would force the RBA to lift interest rates. On the same day US Federal Reserve Chairman Ben Bernanke provided markets with a further indication that QEII was going ahead by stating that “there would appear – all else being equal – to be a case for further action” following the release of US core inflation at 0.8% year on year.

The delegation met up again in Boston on Sunday morning and Richard Jackson, Timothy Linley and I attended a briefing by Carl Riccadonna, Senior US Economist in Global Markets Research at Deutsche Bank.

Mr Riccadonna provided a bearish outlook questioning whether the economic recovery in the US is really jobless with leading indicators including temporary hours, employee tax withholding receipts, the peaking of unemployment, retail sales, equipment and software and spending and corporate profits all indicating a recovery in employment. The redundancy savings measures by State Legislatures in the US were cited as a key reason why employment growth had not been at the same strength as previous recoveries. The contrast the Queensland Government policies was evident. Mr Riccadonna stated that the upturn in employee taxation receipts would turn public sector job losses around over the medium‐term.

The presentation also pointed to other positive indicators including the ISM, the recovery outpacing credit availability and increasing business spending. It was also noted that markets normally grow in the quarter following a mid‐term election by 8‐9%. The view was put that the US economy was more at risk of inflation than deflation.

On Monday Dennis Lockhart a US Federal Reserve voting member gave a speech in which he presented a contrary view stating that he saw “greater weight to the risk of further

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disinflation leading to deflation” with “serious indications for employment” and that he was “leaning in favour of additional monetary stimulus”, and described quantitative easing as “prudent to put in place at this time”.

That morning we met with Toby Johnston and Benjamin Swanson at Wellington Management, Darcie Sunnerberg at Loomis Sayles and Company, and Johnny Sze at MFC Global Investment Management in Boston. The other team flew ahead to New York, and went to meetings in Delaware in the morning, before meeting Nikko Asset Management and Lazard Asset Management in the afternoon.

At the meeting with Loomis Sayles there was interest expressed in the Federal Treasurer’s response that Australia would not take action on the appreciation of the $AUD, and the emergence of the LNG industry in Queensland. We were also advised that some in the markets were expecting the $AUD to remain high in the short‐term and that it could as high as 5c above parity with the $USD. At the meeting with MFC Global Investment Management I provided details around the structure of the asset sales and the program to return to a AAA rating. There were comments made by MFC that in their view the AA+ rating was not a significant issue with investors had a positive view of Australia. In the afternoon we travelled on to New York for the FIDG dinner where I provided the keynote address. The appreciating $AUD continued to dominate discussions. The issue of foreign investment in precious metals was also raised as it had been topical in media. On Tuesday morning meetings were held with Standard and Poors, and Stephanie Linton and William Linden of OppenheimerFunds. Following an overview of the Queensland economy there was more interest expressed in Queensland issuance than Australia’s. At lunch on Tuesday we met with Hiro Nozaki, Joseph Berbari and [checking name with QTC] at Blackrock. Of interest to Blackrock was how the Queensland Government is dealing with the skills shortage and capacity constraints and I highlighted Queensland’s younger more skilled migrant intake in these discussions. There was discussion of continued uncertainty in the US and a jobless recovery.

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United Kingdom

On the second leg of the program, we arrived at dawn on Tuesday 2 November and proceeded via our hotel to a program of meetings. The morning commenced with discussions at FFTW and GAM (UK), followed by a presentation to an Investor Lunch. In the afternoon I met with Nomura Asset Management and in the evening I provided the keynote address to the Fixed Interest Dealer Group.

On Wednesday morning the Foundation Chairman and the General Manager continued the investor briefings as I had an appointment with the Shadow Chancellor of the Exchequer, Hon Alan Johnson MP. We discussed the nature of the fiscal decisions taken by the British Government and their impacts on the economic dynamics in the country. I then had to travel to the London Stock Exchange to film an interview for Sky Business regarding the QR National public offering. In the afternoon I met the delegation at the airport to travel to Edinburgh. After arriving in Edinburgh we had dinner with James Malone from RBS.

The next morning we conducted meetings with AEGON and Standard Life before heading via car towards Glasgow at lunchtime. The delegation continued on from here, before beginning the return trip to Australia the following day.

Concluding Remarks

Queensland faces similar challenges to developed economies around the world of needing to support employment and growth while maintaining a fiscally responsible budget position, as demand continues to remain weak following the GFC. We face similar challenges to Singapore and Switzerland of currently having an appreciated currency. Judgement

However, as mentioned by investors in every continent we visited, Queensland and Australia is in an enviable position. Australia’s strong financial and political institutions and Queensland’s diversified economic base (including manufacturing, agriculture, metallurgical and thermal coal, LNG, tourism and education), and the diversity of our export destinations throughout Asia, North and South America, and Europe make Queensland a highly attractive investment destination.

Unlike many States in the US our decision to maintain employment and continue to support investment in infrastructure which has kept our unemployment rate at half that of the United States and the United Kingdom and maintained jobs growth through our recovery. As Queensland’s predominantly young and skilled population intake continues we will need to continue to build infrastructure to cater growth.

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QTC is well placed to perform this funding task, as it maintains its global profile as a well respected issuer in the global investment community and continues to successfully establish a liquid State Government guaranteed line. The level of interest from fund managers and central banks around the world in QTC’s State Guaranteed bonds is a tick of confidence from global investors in the Government’s fiscal strategy to return our AAA+ credit rating, and in the future of Queensland’s growing, multifaceted and diversified economy.

QUEENSLAND TREASURY CORPORATION

ANNUAL INVESTOR ENGAGEMENT PROGRAM ITINERARY

Singapore, Frankfurt, Zurich, Paris, Boston, New York

11 – 21 October 2010

The Hon. Andrew Fraser MP, Treasurer and Minister for Employment and Economic Development Mr Timothy Linley, Policy Advisor

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MONDAY, 11 OCTOBER Hong Kong is 2 hours behind Brisbane time 23.45 Depart from Brisbane International Airport – SQ246 05.50 Arrive Singapore/Changi Airport ACCOMMODATION – Mandarin Oriental, Singapore 5 Raffles Avenue, Singapore, 039797 TUESDAY, 12 OCTOBER Singapore is 2 hours behind Brisbane time MEETINGS HOSTED BY ANZ HOSTS: JER DING HAN, ASSOCIATE DIRECTOR, INSTITUTIONAL SALES, GLOBAL MARKETS KEIRAN MCPHEE, DIRECTOR, INSTITUTIONAL SALES, SOUTH ASIA 09.45 ANZ BANK One Raffles Place, #33-00 One Raffles Place Attendees: Keiran McPhee, Institutional Sales, South Asia Jer Ding Han, Associate Director, Institutional Sales, Global Markets Carmen Ho, Associate Director, Institutional Sales, Global Markets 10.00 UOB ASSET MANAGEMENT LTD HOST: CARMEN HO, ASSOCIATE DIRECTOR, INSTITUTIONAL SALES, GLOBAL MARKETS 80 Raffles Place, #03-00 UOB Plaza 2 Attendee: Nah Chiew Ming, Assistant Director, Fixed Income 11.00 GOVERNMENT OF SINGAPORE INVESTMENT CORPORATION 168 Robinson Road #37-01, Capital Tower Attendees: Lauren Poon, Portfolio Manager, Treasury Currency Management, GIC Asset Management Pte Ltd Tan Wee Kiat, Senior Vice President, Treasury & Currency Management Group, GIC Asset Management Pte Ltd Han Jer Ding, Associate Director, Institutional Sales, Global Markets, ANZ Bank 12.15 FIDG LUNCH China Club, Singapore Attendees: See Attachment A

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TUESDAY, 12 OCTOBER (Cont’d) Singapore is 2 hours behind Brisbane time 15.00 NOMURA ASSET MANAGEMENT ANZ HOST: KEIRAN MCPHEE, INSTITUTIONAL SALES, SOUTH ASIA 6 Battery Rd #34-02 Attendees: Cheryl Lum, Portfolio Manager Akihisa Abeta, Assistant Portfolio Manager 17.00 MITSUBISHI UFJ ANZ HOST: KEIRAN MCPHEE, INSTITUTIONAL SALES, SOUTH ASIA 50 Raffles Place, #42-01, Singapore Land Tower Attendees: Akio Shimiza, Senior Dealer Yusuke Tanaka, Senior Dealer/Manager Treasury Alex Moh Swee Liang, Dealer/Manager, Treasury 23.20 Depart Singapore - QF5 WEDNESDAY, 13 OCTOBER Frankfurt is 8 hours behind Brisbane time

06.00 Arrive Frankfurt MEETINGS IN FRANKFURT (HOSTED BY UBS) HOST: MITESH MARU, DIRECTOR OF INTEREST RATE SALES 14.30 DWS INVESTMENT GmbH Mainzer Landstrasse 178-190, 60327 Frankfurt

Attendees: Falk Solbrig, Assistant Vice President, Portfolio Manager FI Total Return, Fixed Income Fund Management Dr Bettina Műller, International Fixed Income Fund Management

16.00 DEKA INVESTMENT GmbH Mainzer Landstrasse 16, 60325 Frankfurt

Attendee: Daniel Kitter, Portfolio Management, Global Fixed Income/Emerging Markets

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WEDNESDAY, 13 OCTOBER (Cont’d) Frankfurt is 8 hours behind Brisbane time

18.00 Dinner with Mitesh Maru, Director, Interest Rate Sales, UBS Investment ACCOMMODATION – Steigenburger Hof Am Kaiserplatz, 60311 Frankfurt/Main THURSDAY, 14 OCTOBER Zurich is 8 hours behind Brisbane time

07.35 Depart Frankfurt - LH3720 08.30 Arrive Zurich ZURICH MEETINGS (HOSTED BY UBS)

10.00 SCHWEIZERISCHE NATIONALBANK (SWISS NATIONAL BANK) Boersenstrass 15, 8022 Zurich Attendees: Sandro Streit, Director, Head of Asset Management Brigitte Bieg, Senior Portfolio Manager, Asset Management Dr Patrick Muhl, Asset Management Portfolio Manager Roman Baumann, Advisor, Deputy Head of Asset Management Dr Jonas Stulz, Senior Portfolio Manager, Asset Management 12.00 - LUNCH MEETING WITH SWISS AND GLOBAL ASSET MANAGEMENT 14.30 HOSTS: CLAUDIO SCHNEIDER AND FABIAN WELANDAGODA FROM UBS Restaurant Sein, 1st Floor, Schuetzengasse 5, 8001 Zurich Attendees: Mario Fraefel, Executive Director, Head of Fixed Income Credit, Swiss & Global Management Ltd Peter Schűtz, Managing Director, Portfolio Manager, Swiss & Global Management Ltd Christof Stegmann, Executive Director, Portfolio Manager, Swiss & Global Management Ltd 15.00 - SWISS REINSURANCE COMPANY 16.00 Genferstrasse 27, 8022 Zurich Attendee: Slawomir Bembenik, Vice President, Asset Management

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THURSDAY, 14 OCTOBER (Cont’d) Zurich is 8 hours behind Brisbane time 16.30 - FRANKFURTER BANKGESELLSCHAFT (SCHWEIZ) AG 17.30 Muenstergasse 2, 8022 Zurich Attendees: Juan Andres Duran, Senior Portfolio Manager Patrik Schär, Business Administration Felix Schmidt, Prokurist, Private Banking Karin Oury, Assistant, Private Banking 18.00 DINNER WITH UBS GLOBAL ASSET MANAGEMENT Romantikhotel Florhof (restaurant name) Florhoffgasse 4, 8001 Zurich Attendees: Eric Chevallier, Director, Fixed Income Cornel Egger, Senior Analyst Robert Hellstrand, Director, Portfolio Manager, GIS Heinz Kaiser, Director, Fixed Income Willy Schmassmann, Vice President Sebastian Steib, Executive Director, Fixed Income ACCOMMODATION – Marriott, Zurich Neumuehlequai 42, Zurich, 8001 FRIDAY, 15 OCTOBER Paris is 8 hours behind Brisbane time 07.35 Depart Zurich - LX632 09.00 Arrive Paris (CDG) DB HOST – PHILIPPA SHEPHERD, GLOBAL MARKETS ICG (based in London office) 10.30 AMUNDI ASSET MANAGEMENT 90 BD Pasteur, 75015 Attendee: Catherine Clausse (Portfolio Manager) 12.30 LUNCH MEETING WITH BANQUE DE FRANCE La Fonatine Gaillon, Paris Attendees: Sebastian Levy, Deputy Head of Reserve Management Olivier Caillaud, AUD PM Dirk Saueracker, new AUD PM (recently joined from Bundesbank)

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Philippa Shepherd, Global Markets ICG (based in London office) FRIDAY, 15 OCTOBER (Cont’d) Paris is 8 hours behind Brisbane time ACCOMMODATION – Sofitel Paris 14 Rue Beaujon, Paris, 75008 SATURDAY, 16 OCTOBER Boston is 14 hours behind Brisbane time 17.55 Depart Paris - BA323 18.05 Arrive London Heathrow 19.30 Depart London Heathrow - BA239 21.45 Arrive Boston ACCOMMODATION – Boston Harbor Hotel 70 Rowes Wharf On Atlantic Avenue, Boston, Ma 02110 SUNDAY, 17 OCTOBER Boston is 14 hours behind Brisbane time 17.30 ECONOMIST DINNER WITH DEUTSCHE BANK Mooo Restaurant, 15 Beacon Street Attendees: Carl Riccadonna, Director, Senior US Economist, Global Markets Research, Phil Douglas, Director, ICG Sales, Global Markets ACCOMMODATION – Boston Harbor Hotel 70 Rowes Wharf On Atlantic Avenue, Boston, Ma 02110 MONDAY, 18 OCTOBER Boston is 14 hours behind Brisbane time 10.00 WELLINGTON MANAGEMENT COMPANY LLP 75 State Street, BOSTON MA 02109 Attendees: Benjamin Swanson, Assistant Vice President Toby Johnston, Global Bond Strategist 11.00 LOOMIS SAYLES & COMPANY INC Investment Counsel, 1 Financial Center, BOSTON MA 02111 Attendee:

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Darcie Sunnerberg, Vice President MONDAY, 18 OCTOBER (Cont’d) Boston is 14 hours behind Brisbane time 12.00 MFC GLOBAL INVESTMENT MANAGEMENT 101 Huntington Ave., H-6, Boston, Massachusetts 02199 Attendee: Johnny Sze, Investment Analyst 14.05 Depart Boston - AA4389 15.20 Arrive New York 18.30 FIDG DINNER New York Palace Attendees: See Attachment B ACCOMMODATION – New York Palace 455 Madison Ave At 50th Street, New York, NY 10022 TUESDAY, 19 OCTOBER New York is 14 hours behind Brisbane time

08.30 STANDARD AND POORS New York Palace (Level 39) Attendee: Paul Coughlin, Global Head and Executive Managing Director of Corporate and Government

Ratings 10.30 OPPENHEIMER FUNDS 225 Liberty St, Two World Financial Center Attendees: William Linden, Sr International Trader Stephanie Linton, Jr International Trader 12.00 LUNCH MEETING WITH BLACKROCK (HOSTED BY WESTPAC) Park Avenue Plaza, 55 East 52nd Street, New York NY 10022 Attendees: Hiro Nozaki, Director Joseph Berbari, Vice President Yoni Saposh, Director

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TUESDAY, 19 OCTOBER (Cont’d) New York is 14 hours behind Brisbane time

17.00 Depart JFK - QF3112/AA181 20.07 Arrive Los Angeles 22.30 Depart Los Angeles - QF12 WEDNESDAY, 20 OCTOBER In transit THURSDAY, 21 OCTOBER 07.30 Arrive Sydney International Airport 10.05 Depart Sydney Domestic Airport - QF516 10.35 Arrive Brisbane Domestic Airport

Attachment A

FIDG LUNCH – SINGAPORE Venue: China Club, Singapore

Organisation

Name Title

Queensland Government Hon. Andrew Fraser MP

Treasurer and Minister for Employment and Economic Development

Office of the Treasurer Tim Linley Policy Advisor to the Treasurer Queensland Treasury Alex Beavers Deputy Under Treasurer Queensland Treasury Corporation Board

Shauna Tomkins QTC Board Member

Queensland Treasury Corporation Richard Jackson General Manager, Funding and Markets

ANZ Keiran McPhee Director, Institutional Sales, South

Asia BAML Keng Nam Ng Director, Rates Sales BAML Benedict See-Toh Rates Sales Barclays Brent Morgans Head of Distribution, South Asia Citi Sherri Tan G10 Rates Sales Commonwealth Bank of Australia Giles Chapman Senior Manager, Securities

Origination Commonwealth Bank of Australia Jannet Soh Vice President Daiwa Gina Lee Fixed Income Sales Daiwa Eric Luchangco Asian Syndicate Deutsche Bank Aileen Ngui Fixed Income Sales JP Morgan Kien Kah Chen Executive Director Nomura Ti-Howe Guai Managing Director, Rates Sales RBC Capital Markets Ronnie Lim Head of Capital Markets Royal Bank of Scotland Rogerio Bernardo Director, APAC Bond Syndicate TD Securities Matt Barron Head of Fixed Income Sales TD Securities Alan Doolan Rates Sales UBS Investment Bank Mandy Wan Director, Fixed Income Sales UBS Investment Bank Wei-Shee Chia Executive Director, Fixed Income

Sales

Attachment B FIDG DINNER – NEW YORK New York Palace, New York Queensland Government Hon. Andrew Fraser

MP Treasurer and Minister for Employment and Economic Development

Office of the Treasurer Tim Linley Policy Advisor to the Treasurer, Office of the Treasurer

Queensland Treasury Alex Beavers Deputy Under Treasurer, Queensland Treasury

Queensland Treasury Corporation Stephen Rochester Chairman Queensland Treasury Corporation Neil Castles Acting Chief Executive Queensland Treasury Corporation Richard Jackson General Manager, Funding and

Markets Queensland Trade Office Chris Rodwell Commissioner ANZ Ann Varalli Senior Vice President ANZ Jonathan Beer Senior Vice President ANZ Edwin Suthpin Senior Vice President BAML Rob Grillo Managing Director, Head of Sales BAML Michael O'Leary Managing Director, Rates Sales Citi Aoiffe McGarry Syndicate Group Credit Suisse First Boston Emily Lao Chua Vice President, Fixed Income Daiwa Mansur Z. Rasul Fixed Income Syndicate Deutsche Bank Phil Douglas Director, ICG Sales, Global Markets Deutsche Bank Gary Beyer Managing Director, Head of

Americas Relationship Development

Deutsche Bank (IPA rep) Carol Ng Vice President National Australia Bank Matt Dennis Director National Australia Bank Mike Keilman Head of Rates & Credit Sales Nomura George Goncalves MD, Head of Rates Strategy Nomura Joseph Nehorai Executive Director, Rates Nomura Joe Decicco Managing Director, Rates RBC Capital Markets Neil Rouatt Vice President, Fixed Income Sales RBC Capital Markets Jigme Shingsar Managing Director, Head of USD

Global Origination Royal Bank of Scotland Darin Spilman Managing Director, Non-Dollar

Sales Sullivan and Cromwell John Estes Partner Sullivan and Cromwell Duncan McCurrach Partner, US Capital Markets TD Securities Ryan McGorman Vice President, Fixed Income Sales TD Securities Mark Aldridge Managing Director, Debt Capital

Markets UBS Investment Bank Rob Fisher Fixed Interest Institutional Sales Westpac Banking Corporation Dennis Gorman Director, Head of Northern

Hemisphere Rate Sales


ANNUAL INVESTOR ENGAGEMENT PROGRAM ITINERARY

London and Edinburgh

1–4 November 2010

The Hon. Andrew Fraser MP, Treasurer and Minister for Employment and Economic Development

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MONDAY 1 NOVEMBER London is 9 hours behind Brisbane time 13.40 Depart from Brisbane International Airport – QF51 TUESDAY, 2 NOVEMBER London is 9 hours behind Brisbane time 05.25 Arrive London Heathrow MEETINGS HOSTED BY NAB HOST: MARK ELLIS, DIRECTOR, INSTITUTIONAL RATE SALES 08.30 NAB 80 Wood Street, London Attendee: Mark Ellis, Director, Institutional Rate Sales 09.00 FFTW HOST: MARK ELLIS, DIRECTOR, INSTITUTIONAL RATE SALES Attendee: Nic Hoogewijs, Portfolio Manager 10.30 GAM (UK) LTD (FORMERLY AUGUST IM)

HOST: MARK ELLIS, DIRECTOR, INSTITUTIONAL RATE SALES Attendee: Philip Mann, Portfolio Manager 12.15 INVESTOR LUNCH, HOSTED BY NAB NAB offices: 80 Wood Street, London Attendees:

Peter Johnson, Chubb Insurance Niall Moten, Assistant Investment Manager, Lloyds of London Kiran Sandhu, BUPA Claudi Gollmeier, Investment Officer, Colchester

15.00 NOMURA ASSET MANAGEMENT Attendee: Nan Wu, Portfolio Manager

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18.30 FIDG DINNER IN LONDON ONE ALDWYCH

Attendees: See Attachment C ACCOMMODATION – One Aldwych, 1 Aldwych, London WEDNESDAY, 3 NOVEMBER London and Edinburgh are 9 hours behind Brisbane time 09.30 MEETING WITH RIGHT HONOURABLE ALAN JOHNSON MP, SHADOW CHANCELLOR OF THE

EXCHEQUER 1 Parliament Street, London 10.45 SKY NEWS INTERVIEW

London Stock Exchange 10 Paternoster Square, London

14.50 Depart London – BA8716 16.10 Arrive Edinburgh Airport 19.00 DINNER WITH RBS George Hotel, 19-21 George St, Edinburgh Attendee: James Malone , Manager, Institutional Sales ACCOMMODATION – The George Hotel 19-21 George St, Edinburgh, Scotland THURSDAY, 4 NOVEMBER Edinburgh is 9 hours behind Brisbane time 09.00 AEGON 3 Lochside Avenue, Edinburgh Park, Edinburgh Attendee: Stephen Jones, Portfolio Manager 11.00 Standard Life 1 George Street, Edinburgh Attendees: Jack Kelly, PM Overseas Fixed Interest Fund Katy Forbes, Assistant Investment Director, Inflation Jonathan Gibbs, Head of Real Returns)

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Queensland Government Hon. Andrew Fraser MP Treasurer and Minister for Employment and Economic Development

Queensland Treasury Corporation Sir Leo Hielscher AC Foundation Chairman Queensland Treasury Corporation John Dawson AM Board Member Queensland Treasury Corporation Richard Jackson General Manager, Financial Markets Queensland Trade Office Andrew Craig Agent-General for Queensland Queensland Trade Office Albert Kelly Business Development Director

Guests: ANZ David Ryan ANZ Adam Mayne Barclays Euan Harkness Barclays Simon Oddie BAML James Lorimer BAML Geri McMahon Citi Shane Warcop Citi Francisco Allegue Citi Matthew Glendinning Commonwealth Bank Kevin Atwill Commonwealth Bank Shane Dallman Deutsche Bank Philippa Shepherd Deutsche Bank Ryan Ellis Deutsche Bank (IPA rep) Stuart Harding National Australia Bank Graham Rutter National Australia Bank Mark Ellis RBC Capital Markets Gavin Kidd RBC Capital Markets Sean Graham Royal Bank of Scotland Jim Malone TD Securities Simon Hughes TD Securities Matthew Baird UBS Investment Bank Lee Johns UBS Investment Bank Adrian Longland UBS Investment Bank George Szlachetko Westpac Banking Corporation Ryan Gavin Westpac Banking Corporation Patrick Molloy Westpac Banking Corporation Altaz Dagha Westpac Banking Corporation Paul Gover

MelbourneAdelaide

SydneyCanberra

Brisbane

BANGKOK

HONG KONG

TOKYO

SINGAPORE

Cairns

Hobart

Darwin

Perth

AUSTRALIA

LEFT PAGE = TOP PAGE

Q U E E N S L A N D T R E A S U R Y C O R P O R A T I O N 7

Australia−overview

Australia is a stable, democratic society with a skilled workforce and a diversified, competitive economy. With a population of more than 20 million, Australia is the only nation to govern an entire continent and is the sixth largest country in the world by land area. Australia’s multi-cultural society includes its Indigenous peoples and migrants from some 200 countries worldwide. Its workforce is relatively large and highly trained, with many senior managers and technical staff possessing international experience. Almost half of Australia’s workforce has university, trade or diploma qualifications.

Government Australia has six states (Queensland, New South Wales, Victoria, Tasmania, South Australia and Western Australia) and two territories (the Northern Territory and the Australian Capital Territory). The capital of Australia is Canberra, which is located in the Australian Capital Territory. Australia has three levels of government: federal, state and local. The federal and state systems of government derive from the British Westminster system, although many features of Australia’s Constitution are based on the United States’ Constitution.Under Australia’s Constitution, the legislative power of the Commonwealth of Australia is vested in the Parliament of the Commonwealth, which consists of the Queen, the Senate, and the House of Representatives.


RIGHT PAGE = BOTTOM PAGE

AUSTRALIA — QUICK FACTS

LAND AREA 7.69 million km2

POPULATION (MARCH 2010) 22.3 million

LANGUAGE English

CURRENCY Australian dollar (AUD)

GROSS DOMESTIC PRODUCT (YEAR END JUNE 2010) AUD1,224 billion (USD1,108 billion)

FLIGHT TIME: SYDNEY TO PERTH 5 hours

FLIGHT TIME: ADELAIDE TO DARWIN 3 hours 40 minutes

FLIGHT TIME: BRISBANE TO HONG KONG 8 hours 45 minutes

FLIGHT TIME: BRISBANE TO LONDON Approx 22 hours

FLIGHT TIME: BRISBANE TO NEW YORK (VIA LA) Approx 22 hours

WORKFORCE* (AUGUST 2010) 11.3 million

HEADLINE INFLATION RATE (YEAR END JUNE 2010) 3.2%

OVERSEAS VISITORS (YEAR END JULY 2010) 5.7 million

* Total number of people employed. Sources: Australian Department of Foreign Affairs and Trade, Australian Bureau of Statistics, and Bloomberg.



Australia’s economic standing

The US and Australian economies have

expanded at broadly similar rates over the past decade.

More recently, the Australian economy

has outperformed most other advanced economies, including

the US.

Figure 1: Australia compared to the United States: Real Gross Domestic Product (GDP)

Dec-9

8

Jun-

99

Dec-9

9

Jun-

00

Dec-0

0

Jun-

01

Dec-0

1

Jun-

02

Dec-0

2

Jun-

03

Dec-0

3

Jun-

04

Dec-0

4

Jun-

05

Dec-0

5

Jun-

06

Dec-0

6

Jun-

07

Dec-0

7

Jun-

08

Dec-0

8

Jun-

09

Dec-0

9

Jun-

10

-4.0

-3.0

-2.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0An

nual

% gr

owth

Australian Real GDP United States Real GDP

Q U E E N S L A N D T R E A S U R Y C O R P O R A T I O N 1 0


Australia’s annual core inflation rate was

2.7% in June 2010, and is expected to remain within the RBA’s 2-3%

target band in 2010.

Figure 2: Australia compared to the United States: Core Consumer Price Index (CPI)

* The Australian Government introduced a goods and services tax (GST) in July 2000. Its effect on core CPI has been excluded from the series above.# Australian core CPI is the average of the RBA’s two statistical measures of underlying inflation. Sources: Australian Bureau of Statistics and Bloomberg.

Dec-9

7

Jun-

98

Dec-9

8

Jun-

99

Dec-9

9

Jun-

00

Dec-0

0

Jun-

01

Dec-0

1

Jun-

02

Dec-0

2

Jun-

03

Dec-0

3

Jun-

04

Dec-0

4

Jun-

05

Dec-0

5

Jun-

06

Dec-0

6

Jun-

07

Dec-0

7

Jun-

08

Dec-0

8

Jun-

09

Dec-0

9

Jun-

10

0.0

1.0

2.0

3.0

4.0

5.0

6.0

Annu

al %

grow

th

Australian core CPI (excl. GST)*# United States core CPI



Australia’s population continues to grow at a strong rate, driven primarily by positive

net overseas migration. The level of Australia’s

population has accelerated in recent

times and is now well-above long-run

average rates.

Figure 3: Australia compared to the United States: Population growth

Sources: Bloomberg, US Census Bureau and Australian Bureau of Statistics.

Jun-

01

Dec-0

1

Jun-

02

Dec-0

2

Jun-

03

Dec-0

3

Jun-

04

Dec-0

4

Jun-

05

Dec-0

5

Jun-

06

Dec-0

6

Jun-

07

Dec-0

7

Jun-

08

Dec-0

8

Jun-

09

Dec-0

9

0.0

0.5

1.0

1.5

2.0

2.5

Annu

al %

grow

th

Australia United States



Australian interest rates remain higher

than those in the US and Japan as a

result of Australia’s relative economic out-performance.

Figure 4: Australia compared to the United States and Japan: Interest rates (to September 2010)

Source: Bloomberg.

Mar-0

1

Sep-

01

Mar-0

2

Sep-

02

Mar-0

3

Sep-

03

Mar-0

4

Sept-

04

Mar-0

5

Sep-

05

Mar-0

6

Sep-

06

Mar-0

7

Sep-

07

Mar-0

8

Sep-

08

Mar-0

9

Sep-

09

Mar-1

0

Sep-

10

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

Per c

ent

Aust 10 year Japan 10 year US 10 year



In February 2009, the Australian dollar fell to its lowest level against

the USD and JPY, in six and eight years

respectively following heightened risk

aversion and concerns over global economic

growth. Improved economic conditions

have seen the AUD recover from

these lows.

Figure 5: AUD compared to the USD and JPY: Exchange rate (to September 2010)

Source: Bloomberg.

Sep-8

6

Sep-8

7

Sep-8

8

Sep-8

9

Sep-9

0

Sep-9

1

Sep-9

2

Sep-9

3

Sep-9

4

Sep-9

5

Sep-9

6

Sep-9

7

Sep-9

8

Sep-9

9

Sep-0

0

Sep-0

1

Sep-0

2

Sep-0

3

Sep-0

4

Sep-0

5

Sep-0

6

Sep-0

7

Sep-0

8

Sep-0

9

Sep-1

0

0.00

0.20

0.40

0.60

0.80

1.00

1.20

0

20

40

60

80

100

120

140

160

180

200AU

D/US

D

AUD/

JPY

AUD/USDAUD/JPY

GR

EA

T

BA

RR

IE

R

RE

EF

Gold Coast

Cairns

Brisbane

GR

EA

T

BA

RR

IE

R

RE

EF

Gold Coast

Cairns

Brisbane

QUEENSLAND



Queensland−overviewQueensland is Australia’s second largest state by land area, covering more than 22% of the continent. The economy is the third largest in Australia, after New South Wales and Victoria.Queensland’s natural wonder, the Great Barrier Reef, extends over some 2,000km, covering more than a quarter of the State’s 7,400km of coastline.With a population of 4.5 million, almost 20% of Australians live in Queensland. Some 2.5 million Queenslanders live in the State’s south-east corner.

QUEENSLAND—QUICK FACTSLAND AREA 1.73 million km2

QUEENSLAND POPULATION (MARCH 2010) 4.50 million

BRISBANE POPULATION* (JUNE 2009) 2.00 million

LANGUAGE English

CURRENCY Australian dollar (AUD)

GROSS STATE PRODUCT (YEAR END DECEMBER 2009) AUD232 billion (USD210 billion)

GROSS STATE PRODUCT (FIVE YEAR AVERAGE TO 2008-09) 4.09%

FLIGHT TIME: BRISBANE TO SYDNEY 1.5 hours

WORKFORCE** (AUGUST 2010) 2.3 million

INFLATION RATE (YEAR END JUNE 2010) 3.2%

OVERSEAS VISITORS (YEAR END JUNE 2010) 2.0 million

* Statistical Division ABS cat.no.3101.0 . ** Total number of people employed.Sources: Queensland Treasury, Office of Economic and Statistical Research, Tourism Research Australia, and Innovation and the Australian Bureau of Statistics.



1986

-8719

87-88

1988

-8919

89-90

1990

-9119

91-92

1992

-9319

93-94

1994

-9519

95-96

1996

-9719

97-98

1998

-9919

99-00

2000

-0120

01-02

2002

-0320

03-04

2004

-0520

05-06

2006

-0720

07-08

2008

-0920

09-10

(ea)

2010

-11 (f)

2011

-12 (f)

2012

-13 (p

)0.0

40.0

80.0

120.0

160.0

200.0

240.0

280.0

320.0Ind

ex (1

986-8

7=10

0)

Queensland Australia OECD

PAST (AVERAGE)ESTIMATED

ACTUALFORECAST

10 YEARS 5 YEARS 2008-09 2009-10 2010-11 2011-12 2012-13

QUEENSLAND 4.54% 4.09% 1.21% 3.00%* 3.75%* 4.50%* 4.00%*

AUSTRALIA 3.16% 2.91% 1.18% 2.27%** 3.00%** 3.75%** 3.00%**

OECD 2.08% 1.62% -2.78% 0.29%*** 2.72%*** N/A N/A

Queensland’s economy has grown faster

than both the rest of Australia and other

advanced economies over the past two decades.

In 2009-10, Queensland’s Gross

State Product is expected to have

expanded by 3.00%, before accelerating as

business investment recovers and resilient

demand from Asia boosts coal exports.

Queensland’s economic standingFigure 6: Real Gross State Product/Gross Domestic Product growth

(e) = estimate, (ea) = estimated actual, (f) = forecast, (p) = projection* From Queensland State Budget 2010-11, released 8 June 2010.** From Australian Government’s Economic Statement, released 14 July 2010.*** From the OECD Economic Outlook database.

Sep-9

5

Jun-9

6Ma

r-97

Dec-9

7Se

p-98

Jun-9

9

Mar-0

0De

c-00

Sep-0

1

Jun-0

2Ma

r-03

Dec-0

3

Sep-0

4Ju

n-05

Mar-0

6

Dec-0

6Se

p-07

Jun-0

8

Mar-0

9De

c-09

Sep-1

0

Jun-1

1 (f)

Mar-1

2 (f)

Dec-1

2 (f)

Sep-1

3 (f)

Jun-1

4 (f)

Mar-1

5 (f)

Dec-1

5 (f)

-2

-1

0

1

2

3

4

5

6An

nual

% ch

ange



The majority of Queensland’s

overseas exports go to fast-growing

Asian countries. After experiencing a milder slowdown than many advanced economies,

these countries are poised to resume their

rapid pace of growth going forward.

Figure 7: Queensland Trading Partner Economic Growth Performance

Note: Trading partners are top ten export destinations in the given quarter, re-weighted every quarter to capture changes in composition of top destinations over time. (f) = forecast Source: Australian Bureau of Statistics, IMF

Queensland merchandise exports, year to July 2010 (year to July 2000)

Note: Data may not add to 100% due to rounding.Source: Australian Bureau of Statistics, Queensland Government Office of Economics and Statistical Research. ~ Comprises mainly agricultural commodities

Asia excluding Japan 52% (33%)

Japan 22% (29%)

Europe and United Kingdom 11% (13%)

Other 10% (14%)

United States 2% (8%)

New Zealand 2% (4%)

Coal 48% (32%)

Other (includes sugar) 30% (31%)~

Non-ferrous metals 8% (13%)

Meat 6% (13%)

Metalliferous ores and scrap 6% (6%)

Textile fibres and their wastes 1% (4%)

Cereals and cereal preparations 1% (2%)

Coal 48% (32%)

Other (includes sugar) 30% (31%)

Non-ferrous metals 8% (13%)

Meat 6% (13%)

Metalliferous ores and scrap 6% (6%)

Textile fibres and their wastes 1% (4%)

Cereals and cereal preparations 1% (2%)

Figure 8: By commodity Figure 9: By region



Queensland’s rural and non-rural commodity

sectors contribute substantially to the

State’s total export earnings.

In 2009, exports made up over 30% of the

Queensland economy. Over 80% of Queensland’s

exports are goods with the remainer being services.

Almost two-thirds of Queensland’s goods

exports go overseas, with the remainder going

elsewhere in Australia.

The Asian region remains by far Queensland’s most

important export market.

* Asia (excluding Japan) includes:China 15.0% (3.1%) • India 12.6% (4.6%) • South Korea 10.9% (9.1%) Taiwan 5.6% (4.5%) • Indonesia 2.7% (2.4%) • Malaysia 1.9% (3.0%) Other 1.0% (1.7%) • Thailand 0.8% (1.3%) • Hong Kong 0.8% (2.0%) Singapore 0.7% (1.2%)

Asia (excluding Japan)* 52% (33%)

Japan 22% (29%)

Europe and UK 11% (13%)

Other 10% (14%)

United States 2% (7%)

New Zealand 2% (4%)

GROWTH IN THE SHARE OF NATIONAL OUTPUT



High commodity prices in recent years

have accelerated Queensland economic

activity relative to the rest of Australia.

Consequently, Queensland’s share of

Australia’s total output has increased steadily over the past decade

and a half.

Figure 10: Share of national output by state

(e) = estimate, (ea) = estimated actual, (f) = forecast, (p) = projectionSource: Various State Budgets and the Australian Bureau of Statistics.

1989

-90

1990

-91

1991

-92

1992

-93

1993

-94

1994

-95

1995

-96

1996

-97

1997

-98

1998

-99

1999

-00

2000

-01

2001

-02

2002

-03

2003

-04

2004

-05

2005

-06

2006

-07

2007

-08

2008

-09

2009

-10 (e

a)

2010

-11 (f)

2011

-12 (f)

2012

-13 (p

)

80

85

90

95

100

105

110

115

120

125

130Ind

ex (1

989-9

0=10

0)

Queensland New South Wales Victoria Western Australia



OTHER SERVICES 21% (22%) INCLUDES: Dwellings 8% (9%) Professional, scientific and technical 5% (4%) Accommodation and food 3% (4%) Other services 2% (2%) Administrative and support 2% (2%) Arts and recreation 1% (1%)

Queensland’s economy is diversified across

many sectors, including agriculture,

construction and mining.

Mining is the fastest growing industry

in the State having contributed 10%

to the Queensland economy in 2008-09,

up from 6% in 1998-99.

Figure 11: Queensland output by sector, 2008-09 (1998-99)

PUBLIC SECTOR 18% (19%) INCLUDES: Health 6% (6%) Education 4% (5%) Public admin and safety 6% (6%) Electricity, gas, water and waste 2% (2%)

Note: Data may not add to 100% due to rounding.Sources: Australian Bureau of Statistics and Office of Economic and Statistical Research.

Other services 21% (21%)

Public Sector 18% (19%)

Finance and property services 10% (8%)

Wholesale and retail 10% (11%)

Mining 10% (6%)

Transport and communications 10% (10%)

Manufacturing 8% (11%)

Construction 8% (7%)

Agriculture 3% (4%)

Other services 21% (22%)

Public sector 18% (19%)

Finance and property services 10% (8%)

Wholesale and retail trade 10% (11%)

Mining 10% (6%)

Transport and communications 10% (10%)

Manufacturing 8% (11%)

Construction 8% (7%)

Agriculture 3% (4%)



With the exception of 2009-10, Queensland’s

employment growth rate has consistently exceeded that of the

national economy. This outperformance likely reflects Queensland’s

high population, tourism and export

growth. Over the forecast period,

employment growth in Queensland is again

expected to exceed the national average.

Figure 12: Employment growth

(e) = estimate, (ea) = estimated actual, (f) = forecast, (p) = projectionNote: Forecasts for Australia are on a through the year basis, while forecasts for Queensland are on a year average basis.* From Queensland State Budget 2010-11, released 8 June 2010. ** From Australian Government’s Economic Statement, released 14 July 2010.Sources: Australian Bureau of Statistics, Australian Treasury, and Queensland Treasury.

1987

-8819

88-98

1989

-9019

90-91

1991

-9219

92-93

1993

-9419

94-95

1995

-9619

96-97

1997

-9819

98-99

1999

-0020

00-01

2001

-0220

02-03

2003

-0420

04-05

2005

-0620

06-07

2007

-0820

08-09

2009

-10 (e

a)20

10-11

(f)20

11-12

(f)20

12-13

(p)

2013

-14 (p

)

90100110120130140150160170180190200210220

Index

(198

7-88=

100)

Queensland Australia

PAST (AVERAGE) EST. ACTUAL FORECAST

10 YEARS 5 YEARS 2009-10 2010-11 2011-12 2012-13 2013 - 14

QUEENSLAND 3.25% 3.08% 0.94%* 2.75%* 3.25% 2.75% 2.75%

AUSTRALIA 2.24% 2.40% 1.36%** 2.25%** 2.00% 1.50% 1.50%

1987

-88

1988

-98

1989

-90

1990

-91

1991

-92

1992

-93

1993

-94

1994

-95

1995

-96

1996

-97

1997

-98

1998

-99

1999

-00

2000

-01

2001

-02

2002

-03

2003

-04

2004

-05

2005

-06

2006

-07

2007

-08

2008

-09

2009

-10 (

ea)

2010

-11 (

f)

2011

-12 (

f)

90

100

110

120

130

140

150

160

170

180Ind

ex (1

987-

88=1

00)

Queensland Australia(e) = estimate, (ea) = estimated actual, (f) = forecast, (p) = projection Note: Forecasts for Australia are on a calendar year basis while the forecasts for Queensland are financial year average forecasts* From Queensland State Budget 2010-11, released 8 June 2010. ** From Australian Government’s 2010-11 Budget, released 11 May 2010.

PAST (AVERAGE) EST. ACTUAL FORECAST

10 YEARS 5 YEARS 2008-09 2009-10 2010-11 2011-12

QUEENSLAND 2.33% 2.54% 2.81% 2.25%* 2.25%* 2.25%

AUSTRALIA 1.46% 1.69% 2.17% 2.00%** 1.75%** 1.50%



Solid population growth has

underpinned Queensland’s strong

economic growth.

Figure 13: Population growth

Figure 14: Queensland net migration, per quarter

Source: Australian Bureau of Statistics.

Mar-9

8

Sep-

98

Mar-9

9

Sep-

99

Mar-0

0

Sep-

00

Mar-0

1

Sep-

01

Mar-0

2

Sept-

02

Mar-0

3

Sep-

03

Mar-0

4

Sep-

04

Mar-0

5

Sep-

05

Mar-0

6

Sep-

06

Mar-0

7

Sep-

07

Mar-0

8

Sep-

08

Mar-0

9

Sep-

09

Mar-1

00

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

22,000

24,000Nu

mber

Net overseas migrationNet interstate migration



Queensland continues to attract people from

interstate and overseas due to its economic and environmental

appeal.

Figure 15: Queensland population age distribution: per cent of total

Queensland’s overseas and interstate

migration is dominated by younger-age

migrants.

Source: ABS 2006 Census (released every five years—will next be conducted in 2011 and released in 2012).

0-14 15-24 25-34 35-44 45-54 55-64 65+0

5

10

15

20

25

30Pe

r cen

t of to

tal

Incumbent population Interstate migrants Overseas migrants





Queensland Government’s fiscal frameworkThe Queensland Government is committed to six major fiscal principles:1 In the General Government sector, meet all operating expenses from operating revenue2 Growth in own purpose expenses in General Government sector to not exceed real per capita growth3 Achieve a General Government net operating surplus as soon as possible, but no later than 2015-164 Maintain a competitive tax environment for business5 Stabilise net financial liabilities as a proportion of revenue in the non-Financial Public Sector6 Target full funding of long term liabilities such as superannuation in accordance with actuarial advice.

Queensland’s credit ratingLOCAL CURRENCY LONG–TERM SHORT–TERM OUTLOOK Moody's Aa1 P1 STABLE

Standard & Poor’s AA+ A-1+ STABLE

FOREIGN CURRENCY LONG–TERM SHORT–TERM OUTLOOKMoody's Aa1 P1 STABLE


Queensland’s fiscal standing

Queensland’s credit rating reviews, by Standard and Poor’s and Moody’s, are typically conducted between July and October each year.

Figure 16:Queensland budgeted revenues 2010-11

Figure 17:Queensland budgeted taxation revenues 2010-11Grants 46% ($18.9 billion)

Taxation Revenue* 25% ($10.2 billion)

Sales of Goods and Services 10% ($4.1 billion)

Royalties & Land Rents 8% ($3.2 billion)

Interest Income 5% ($2.1 billion)

Dividend and Tax Equivalent Reveue 4% ($1.5 billion)

Other Revenue 2% ($0.6 billion)

Duties 31% ($3.2 billion)

Payroll Tax 28% ($2.8 billion)

Motor Vehicle Registration 13% (1.3 billion)

Land Tax 11% ($1.1 billion)

Gambling Taxes and Levies 9% ($0.9 billion)

Other Taxes 7% ($0.7 billion)



* This comprises the taxes and levies listed in Fig. 20.Note: Data may not add to 100% due to rounding.Source: Queensland State Budget 2010-11 , released 8 June 2010.

Total estimated budgeted revenue: AUD40.6 billion

Total grants (including

those from the Australian

Government)

of AUD18.9 billion are

expected to account for

approximately 46% of

Queensland’s

total government

revenue in 2010-11.

Grants from the Australian

Government are almost evenly

split between general and

specific purpose payments.

General purpose payments

include GST revenue grants

and associated payments, are

“untied” and used for both

recurrent and capital purposes.

Specific purpose payments

are used to meet Australian

Government and shared

policy objectives.

Grants 46% ($18.9 billion)

Taxation revenue* 25% ($10.2 billion)Sales of Goods and Services 10% ($4.1 billion) Royalties and Land Rents 8% ($3.2 billion)

Interest Income 5% ($2.1 billion)Dividend and tax equivalent revenue 4% ($1.5 billion) Other revenue 2% ($0.6 billion)

Duties 31% ($3.2 billion) Payroll Tax 28% ($2.9 billion)

Motor vehicle registration 13% ($1.3 billion)

Land Tax 11% ($1.1 billion)

Gambling taxes and levies 9% ($1.0 billion)Other taxes 7% ($0.7 billion)

Total estimated budgeted taxation revenue: AUD10.2 billion

18

19

20

21

22

23

24

25

2007

-08

2008

-09

2009

-10

2010

-11

2011

-12

AUD

billio

nReduction in revenue since 2008-09 Budget2008-09 Budget2010-11 Budget2009-10 Budget



The 2010-11 Budget revenue forecasts have improved significantly

over 2009-10 Budget estimates following an improvement in

Queensland’s economic outlook, along with,

and related to, improvement in the

economic outlook nationally and globally.

However, the revenue forecasts remain some

$7.6 billion behind the 2008-09 Budget

estimates of revenue which were made

prior to the global financial crisis.

Figure 18: Total revenue forecasts

Source:Queensland Treasury Note: Total revenue includes taxation revenue, GST and royalties.

Figure 19: Total Australian Government payments to all states and territories, deviation from population share (2010-11)

The chart does not include the Northern Territory, which has a corresponding deviation from population share of 267.10%.Source: Queensland State Budget 2010-11, released 8 June 2010 and Australian Government Budget 2010-11, released 11 May 2010.Refer to Appendix D for further details.

Queensland New South Wales

Victoria Western Australia

South Australia

Tasmania Australian Capital

Territory

-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

-4.90% -4.50%-7.00% -8.40%

18.90%

36.10%

5.90%



From a per-capita distribution perspective,

Queensland is expected to have a broadly

neutral position with regard to Australian

Government payments in 2010-11.

Figure 20: Queensland budgeted expenses 2010-11

Total estimated expenses: AUD42.4 billion

Health 25% ($10.6 billion)

Education 23% ($9.9 billion)

Social welfare, housing and other community services 13% ($5.6 billion)

Other services 12% ($5.2 billion)

Transport and communications 12% ($4.9 billion)

Public order and safety 9% ($3.6 billion)

Economic services 6% ($2.6 billion)

Health 25% (10.6 billion)

Education 23% ($9.9 billion)

Social welfare, housing and other community services 13% ($5.6 billion)

Other services 12% ($5.2 billion)

Transport and communications 12% ($4.9 billion)

Public order and safety 9% ($3.6 billion)

Economic services 6% ($2.6 billion)



Increased spending to improve Queensland’s health and education

systems makes up a significant proportion of the State’s 2010-11

budgeted expenses.

Note: Data may not add to 100% due to rounding.Source: Queensland State Budget 2010-11, released 8 June 2010.

Figure 21: General Government capital purchases per capita

(e) = estimate, (ea) = estimated actual, (f) = forecast, (p) = projectionSources: Various State Budget papers, and population estimates from Australian Government’s Budget 2010-11, released 11 May 2010.

1990

-91

1991

-92

1992

-93

1993

-94

1994

-95

1995

-96

1996

-97

1997

-98

1998

-99

1999

-00

2000

-01

2001

-02

2002

-03

2003

-04

2004

-05

2005

-06

2006

-07

2007

-08

2008

-09

2009

-10 (e

a)

2010

-11 (f)

2011

-12 (f)

2012

-13 (p

)0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2,200AU

D

Queensland Other states and territories



On a per capita basis, Queensland continues

to fund a significant capital program, with substantial

infrastructure investment aimed at

increasing Queensland’s productive capacity.

Figure 22: Disaggregated state infrastructure spending, Queensland

Spending on improving Queensland’s transport,

health and energy services comprises

the bulk of the Government’s capital

works program in 2010-11.

* Mainly includes general government sector equipment investment expenditures not elsewhere classified. (e) = estimate, (ea) = estimated actual, (f) = forecast, (p) = projectionSources: Queensland State Budget papers and Reports on Finances for various years.

2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 (ea) 2010-11 (f)0

2

4

6

8

10

12

14

16

18

20AU

D bil

lion

Energy infrastructure

Other infrastructure*

Water infrastructure

Law, order & public safety

Education & training

Health, housing & community services

Transport infrastructure



Figure 23: Sources of funding for capital, budget estimate 2010-11

Borrowing for capital purposes is consistent

with the Queensland Government’s fiscal

principles and is considered necessary

to support the expansion of the

State’s capital base.

Source: Queensland’s State Budget 2010-11, released on 8 June 2010.

2009-10 (ea) 2010-11 (f)0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%Pe

r cen

t of to

tal

Borrowings and advances

Net cash flow for capital acquisitions

Asset sales

Cash balances and other financial sources



Figure 24: Queensland’s General Government budget balance

(e) = estimate, (ea) = estimated actual, (f) = forecast *The recording of Government financial statistics moved from a cash to an accrual basis in 1998–99 financial year. ** State superannuation assets transferred from the General Government sector to QTC in 2008-09 financial year. Therefore from 2008-09 headline and underlying GG operating balance are one and the same. Source: Queensland State Budget 2010-11 , released 8 June 2010.

1988

-8919

89-90

1990

-9119

91-92

1992

-9319

93-94

1994

-9519

95-96

1996

-9719

97-98

1998

-99*

1999

-0020

00-01

2001

-0220

02-03

2003

-0420

04-05

2005

-0620

06-07

2007

-0820

08-09

2009

-10 (e

a)20

10-11

(f)20

11-12

(f)20

12-13

(f)20

13-14

(f)

-2,000

-1,000

0

1,000

2,000

3,000

4,000

AUD m

illion

Headline GG operating budget balance

Underlying GG operating budget balance (excluding State superannuation assets)

**

** State superannuation assets transferred from the General Government sector to the Public Financial Corporation sector in 2008-09 financial year.Therefor from 2008-09 headline and underlying GG operating balance are now one and the same.



Forecast operating deficits have improved

across the forward estimates period and have now more than

halved from the 2009-10 Budget forecasts.

The Queensland Government is

projecting a return to surplus in 2015-16.



Returning the Budget to surplus

is a central element of the Queensland

Government’s revised fiscal principles with

the relevant fiscal principle requiring the

Government to achieve a General Government net operating surplus

as soon as possible, but no later than

2015-16. Although there remains a high

degree of uncertainty about the pace and

path of recovery, Queensland is now on

track to achieve this goal by tracking

solidly into surplus in 2015-16.

Figure 25: General Government sector net operating balance

Source:Queensland State Budget 2010-11 , released 8 June 2010.

(5,000)

(4,000)

(3,000)

(2,000)

(1,000)

0

1,000

2,000

3,000

2005

-06

2006

-07

2007

-08

2008

-09

2009

-10

2010

-11

2011

-12

2012

-13

2013

-14

2014

-15

2015

-16

2016

-17

AUD

millio

n

2009-10 Budget 2010-11 Budget



There have been large revisions to the

forecasts of the General Government net operating balance across the forward estimates period since the

2009-10 Budget, but in particular, since the

2009-10 Mid Year Fiscal and Economic Review

(MYFER). This most recent improvement primarily reflects an

improvement in global economic conditions and the resulting revisions to royalty and GST revenue.

Improvements in the operating position are

expected across each of the forward estimate

years, with a return to surplus now projected

in 2015-16.

Figure 26: Revisions to net operating balance forecasts

Source:Queensland State Budget 2010-11 , released 8 June 2010.

(4,500)

(4,000)

(3,500)

(3,000)

(2,500)

(2,000)

(1,500)

(1,000)

(500)

0

2009

-10

2010

-11

2011

-12

2012

-13

AUD

millio

n

2009-10 Budget 2009-10 MYFER 2010-11 Budget

Figure 27: Taxation per capita—Australian states and territories (2010-11)

Queensland New South Wales

Victoria Western Australia

South Australia

Tasmania Australian Capital

Territory

Northern Territory

0

500

1,000

1,500

2,000

2,500

3,000

3,500AU

D

Weighted average of other state (excluding Qld)



Queensland’s taxation environment is

favourable compared to other Australian states

and territories.

Source: Various State Budgets



Figure 28: Net financial liabilities to revenue ratio, before and after asset sales

The expected proceeds from asset sales are set

to significantly improve one of the key credit

rating ratios (net financial liabilities to revenue).

Without asset sales the ratio is expected to rise

above 130% in 2013-14. However, after asset sales,

the projected ratio only reaches 110% in 2013-14.

Ratings agencies have indicated that the

100-110% range is one of the criteria required

for a reassessment of the State’s credit

rating , along with the demonstration of a solid

surplus operating position.Source: Queensland State Budget 2010-11, released 8 June 2010.

2008-09 2009-10 2010-11 2011-12 2012-13 2013-1470%

80%

90%

100%

110%

120%

130%

140%

2010-11 Budget After asset sales

Credit rating range



The asset sales program announced

by the Queensland Government is

estimated to generate proceeds

of approximately $15 billion and savings of over $10 billion in avoided capital

investment. The asset sales will allow

the Queensland Government to reduce

debt, re-structure its balance sheet and

prioritise future capital expenditure on public

infrastructure.

Figure 29: Timetable for asset sales

Source:Queensland Treasury

Figure 30: Ratio of financial assets to total liabilities by state general government sector, estimates for 2010-11

Queensland New South Wales Victoria Western Australia South Australia Tasmania0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7Ra

tio

*



Queensland’s ratio of financial assets to total

liabilities indicates its relative financial

strength compared with other states

(when including each state’s investments to meet future employee

entitlements for superannuation and long-service leave).

* Does not include equity investments in public corporations. Source: Various State Budget Papers

Figure 31: Queensland General Government Sector net worth (as at 30 June each financial year)

(e) = estimate, (ea) = estimated actual, (f) = forecast Source: Queensland State Budget 2010-11, released 8 June 2010.

1998

-99

1999

-00

2000

-01

2001

-02

2002

-03

2003

-04

2004

-05

2005

-06

2006

-07

2007

-08

2008

-09

2009

-10 (

ea)

2010

-11 (

f)

2011

-12 (

f)

2012

-13 (

f)

2013

-14 (

f)

0

25,000

50,000

75,000

100,000

125,000

150,000

175,000

200,000AU

D mi

llion



Net worth, or equity, of the State is the

amount by which the State’s assets exceed

its liabilities. Net worth as at

30 June 2009 was $184.6 billion. By 30 June 2014 it is

expected to increase 5.3% to $194.3 billion.


The Queensland Coat of Arms, represented in Queensland Treasury Corporation’s logo,

was granted by Queen Victoria in 1893 and symbolises her constitutional authority for the State.

At the top, the State badge is surrounded by two stems of sugar cane. Below the badge,

the shield features the heads of a bull and a merino ram, a sheaf of wheat, and a column

of gold rising from a pile of quartz, over a spade and pick. These elements symbolise

Queensland’s strong agriculture and mining industries.

In 1977, during her Silver Jubilee year, Queen Elizabeth II granted the Arms two ‘supporters’,

a red deer and Queensland’s native brolga.

The State motto, Audax at Fidelis, means ‘Bold but Faithful’.



Queensland Treasury Corporation−overview Founded in 1988, Queensland Treasury Corporation (QTC) is a corporation sole, constituted by the Under

Treasurer in accordance with the Queensland Treasury Corporation Act 1988.

QTC has responsibility for the State’s debt funding and financial risk management. In its funding role, QTC borrows funds in the domestic and international markets by issuing a variety of

debt instruments. QTC’s whole-of-State focus means it is able to capture significant economies of scale and scope in the

issuance, management and administration of the State’s debt. Refer to Appendix A for further details.

Queensland State Government GuaranteeThe Treasurer of Queensland, on behalf of the State Government, guarantees all of QTC’s obligations under all debt securities issued by QTC from time to time.All QTC debt obligations carry the same credit rating as the Queensland Government.

Refer to Appendix B for further details.

Australian Government GuaranteeIn addition to the Queensland State Government Guarantee, selected* AUD domestic and global denominated benchmark bond lines issued by QTC, are guaranteed by the Australian Commonwealth Government and carry a AAA/Aaa credit rating by Standard and Poor’s and Moody’s Investors Service respectively.* Refer to Appendix C for further details.



QTC’s Consolidated Balance Sheet (as at 31 August 2010 - audit pending)CAPITAL MARKETS

OPERATIONSLONG TERM

ASSETS#QTC

CONSOLIDATED

AUD bn AUD bn AUD bn Loans to customers 57.9 - 57.9

Liquidity/management reserves* 13.7 - 13.7

Sub-total 71.6 - 71.6

Assets under management—customer deposits 4.6 - 4.6

Other managed investments# - 19.6 19.6

TOTAL 76.2 19.6 95.8

* Excludes QTC bonds held as assets # On 1 July 2008, the Queensland Government transferred to QTC approximately $21 billion of the State’s long term assets, which are held to meet the future superannuation and other long-term obligations of the State. The long term assets, which are managed by Queensland Investment Corporation (QIC), were transferred to minimise the volatility in the General Government’s net operating position. It is important to note that any profits or losses on the assets will have no direct impact on QTC’s capacity to undertake its core capital markets operations or meet our obligations to investors in QTC’s bonds and other debt. The long term assets’ transactions also have no cash flow impact on QTC. Rating agencies, Moody’s and Standard & Poor’s, have confirmed that this transfer will not affect the State’s, or QTC’s, credit rating or outlook

QTC’s customersPrincipally Queensland’s public sector (also entities guaranteed, supported or approved by the State). More than 260 borrowing customers (Government Owned Corporations, Government Departments, Local

Governments and Statutory Bodies). More than 200 investors in QTC’s Capital Guaranteed Cash Fund (Government Owned Corporations,

Government Departments, Local Governments and Statutory Bodies).

Cost-recovery business model As the State’s central financing authority, QTC operates on a cost-recovery basis.



QTC’s credit ratingLOCAL CURRENCY LONG–TERM SHORT–TERM OUTLOOKMoody’s Aa1 P1 STABLE


FOREIGN CURRENCY LONG–TERM SHORT–TERM OUTLOOK Moody’s Aa1 P1 STABLE


Selected* AUD domestic and global denominated benchmark bond lines issued by QTC, are guaranteed by the Australian Commonwealth Government and carry a AAA/Aaa credit rating by Standard and Poor’s and Moody’s Investors Service respectively.On the 7 February 2010 the Australian Government announced it will be withdrawing its guarantee on the State and Territory Australian dollar denominated term debt from 31 December 2010.The selected QTC bonds lines, covered by the Australian Government Guarantee, are guaranteed until maturity.

QTC’s credit rating reviews, by Standard and Poor’s and Moody’s, are typically conducted between July and October each year.* Refer to Appendix C for further details.



QTC’s key funding principles

CONSERVATIVE Balanced debt maturity profile supported by liquid reserves

PRUDENT Conservative risk management practices

TRANSPARENT Comprehensive, regular market updates

COMMITTED Valued long-term investor and intermediary relationships

*All foreign currency borrowings are fully hedged.

** Capital Indexed Bond.



QTC’s funding strategy

COMMERCIAL PAPER AUD BENCHMARK AUD NON-BENCHMARK MTN (EURO & US)*

Domestic T—Notes

Euro CP*

US CP*

Domestic and Global

bond tranches

Liquid lines

Regular domestic issuance

Globals issued by tap

Preferred Bond lines2033 maturity

2030 CIB maturity**

Domestic RetailQLD Public Bonds

Designated Investments

Uridashi

Samurai

Kauri

Euro-bond

Private placement

15–20% 60-70% 10%–20%

Indicative Borrowing Program 2010-11 : AUD18 billion

AUD Domestic Benchmark Bonds (87%)

AUD Global Benchmark Bonds (5%)

Euro CP (2%)

AUD T-Notes (2%)

Euro MTN (1%)

US CP (1%)

AUD Capital Indexed Bond (1%)

Other Domestic (Public, private etc)(1%)



QTC’s funding sources (as at 30 September 2010)QTC maintains a diversified global focus in meeting its funding requirements.

Figure 32: By facility

TOTAL BORROWINGS: AUD65.2 BILLION

Onshore (52%)*

Offshore (48%)*

Figure 33: By investor location

Onshore (52%)*

Offshore (48%)*

AUD Domestic Benchmark Bonds (87%)

AUD Global Benchmark Bonds (5%)

Euro CP (2%)

AUD T-Notes (2%)

Euro MTN (1%)

US CP (1%)

AUD Capital Indexed Bond (1%)

Other Domestic (Public, Private, etc) (1%)

* Estimate Note: Data may not add to 100% due to rounding.



Funding facilities OVERVIEW AS AT 30 SEPTEMBER 2010 SIZE $M MATURITIES CURRENCIESSHORT–TERM Domestic T—Note Unlimited 7–365 days AUD

Euro CP USD10,000 7–365 days Multi-currency

US CP USD5,000 1–270 days Multi-currency

LONG–TERM Domestic Bond Unlimited 12 benchmark lines: 2011–2021 AUD

1 preferred line: 2033 AUD

Capital indexed bond: 2030 AUD

Global Bond AUD20,000 4 benchmark lines: 2011–2017(transferable to domestic bonds) AUD

Euro MTN USD10,000 Subject to market regulations Multi-currency

US MTN USD10,000 9 months–30 years Multi-currency



Short-term paperTreasury Note (T-Note) and Commercial Paper (CP) programs Domestic Australian, Euro and US programs AUD and multi-currency Reverse enquiry placement through Dealer Panels

T-Note and CP Dealer Panels*DOMESTIC T-NOTE EURO CP US CPANZ Banking Group Limited Barclays Citi

Commonwealth Bank of Australia Citi Credit Suisse

Deutsche Bank Commonwealth Bank of Australia Deutsche Bank

National Australia Bank Limited Deutsche Bank

Westpac Banking Corporation National Australia Bank Limited

RBC Capital Markets

UBS Investment Bank

*Actual dealer entities may vary depending on the facility and location of the dealer.

Figure 34: Treasury Note and Commercial Paper, outstandings over time



QTC’s Treasury Note and CP programs

ensure continued access to short-

term funding.

Sep-

00

Mar

-01

Sep-

01

Mar

-02

Sep-

02

Mar

-03

Sep-

03

Mar

-04

Sep-

04

Mar

-05

Sep-

05

Mar

-06

Sep-

06

Mar

-07

Sep-

07

Mar

-08

Sep-

08

Mar

-09

Sep-

09

Mar

-10

Sep-

10

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

5,500

6,000

6,500AU

D m

illion

equ

ivale

nt

Domestic T-Note Euro CP US CP



USD (71%)

GBP (9%)

AUD (7%)

EUR (6%)

CHF (3%

HKD (2%)

SGD (2%)

< 1 m

onth

1-2 m

onths

2-3 m

onths

3-6 m

onths

6-9 m

onths

9-12 m

onths

0

1000

2000

3000

4000

5000

6000

7000

AUD

millio

n

6%10%

32%

45%

7%0%

Figure 35: Commercial Paper and Treasury Note programs, tenor of issuance (2009 calendar year)

Figure 36: Euro Commercial Paper programs, currency of issuance (2009 calendar year)



AUD Benchmark Bonds Principal source of funding Domestic and Global tranches Australian interest withholding tax exempt (Domestic and Global) Issued via Global AUD Fixed Interest Distribution Group

DOMESTIC AUD denominated Issued on a tap, tender, reverse enquiry and syndication basis

GLOBAL AUD denominated Offered on a reverse enquiry basis Transferable into Domestic Benchmark Bonds

AUD Benchmark Bond Distribution Group*ANZ Banking Group Limited National Australia Bank Limited UBS Investment Bank

Citi Nomura International plc Westpac Banking Corporation

Commonwealth Bank of Australia RBC Capital Markets

Deutsche Bank Royal Bank of Scotland

JP Morgan TD Securities


NB: Barclays Capital and BA Merrill Lynch will be appointed as members of the Distribution Group on the completion of legal formalities.



State Government Guarantee

The Treasurer of Queensland, on behalf of the State Government, guarantees all of QTC’s obligations under all debt instruments issued by QTC from time to time. All QTC debt obligations carry the same credit rating as the Queensland Government.

Australian Government Guarantee

Applies to selected AUD domestic and global benchmark bonds (refer to appendix C for further details). The guarantee may be applied to future bond lines issued prior to 1 January 2011. QTC reserves the right

to issue non-Australian Government guaranteed bond lines.

Choice of maturities Twelve Benchmark Bond maturities ranging from 2011 to 2021 One Domestic Preferred Bond line maturing 2033 One Capital Indexed Bond line maturing 2030

Liquidity support Appointed domestic and international distribution group committed to competitive price making Established benchmark bond lines Structured approach to issuance: 2010-11, AUD12 billion (estimate)

Key attributes



Acceptability Eligible asset for outright investment by Reserve Bank of Australia (RBA) Eligible collateral for repurchase agreements with the RBA The Australian Prudential Regulation Authority (APRA) applies a 0% risk weighting to QTC as part of the

Basel II standardised approach to assessing credit risk. Australia is an OECD member country. QTC’s Global AUD program is registered with the United States Securities Exchange Commission under the

Schedule B rule for ‘a foreign government, or political subdivision thereof ’

Key attributes continued

Figure 37: QTC AUD Bonds, outstandings by maturity (as at 30 September 2010)



Guaranteed: Queensland Government Guaranteed: Australian & Queensland Governments

14-Ju

n-11*

21-Ju

n-11*

16-A

pr-12

*

23-A

pr-12

*

14-A

ug-13

*

21-N

ov-14

*

14-O

ct-15

*

21-A

pr-16

*

14-S

ep-17

*

14-Ju

n-19*

21-Fe

b-20*

14-Ju

n-21*

20-A

ug-30

**

14-M

ar-33

#0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

11,000

AUD

millio

n

4,550

941

3,009

5,678

702

9,381

648

6,541

758

4,532

3,311

2,840

1,815

7,446

3,150 4,4

93

663

617

Domestic GlobalDomestic

TOTAL: AUD61,075 MDomestic: AUD58,026 MGlobal: AUD3,049 M

6.0%

6.0%

5.75%

6.0%

6.0%

6.0%

6.0%

6.25%

6.25%

6.50%

2.75%

AAA/AaaAA+/Aa1

6.5%

6.5%

6.0%

* Benchmark, **Capital Indexed, # Preferred.

Velocity: 62% on average per month (QTC Domestic Benchmark Bonds).



AUD Bond outstandings continue to increase adding to the depth

and liquidity of individual lines.

Global bond outstandings have

continued to decline since domestic bonds

became eligible for exemption from

Australian interest withholding tax in

December 2008.

Figure 38: QTC AUD Bonds, outstandings over time

Jun-9

0

Jun-9

1

Jun-9

2

Jun-9

3

Jun-9

4

Jun-9

5

Jun-9

6

Jun-9

7

Jun-9

8

Jun-9

9

Jun-0

0

Jun-0

1

Jun-0

2

Jun-0

3

Jun-0

4

Jun-0

5

Jun-0

6

Jun-0

7

Jun-0

8

Jun-0

9

Jun-1

0

30-S

ep-10

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

55,000

60,000

65,000AU

D mi

llion

Domestic Global Total

Figure 39: QTC aggregate global benchmark bond, turnover by region



Note, actual turnover of QTC Global Bonds by North American investors likely to be understated, as some turnover may be recorded in other regions.

Turnover in Global benchmark bonds has

generally declined since QTC’s domestic

bonds became eligible for exemption from Australian interest withholding tax in

December 2008.

1995

-96

1997

-98

1999

-00

2001

-02

2003

-04

2005

-06

2007

-08

2009

-10

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

AUD

millio

n

Interbank Japan Asia (ex-Japan) Europe North America

Figure 40: Australian fixed income market: AUD denominated bonds on issue, actual and forecast



Source: UBS Composite Bond Index plus Semi-Government global/exchangeable bonds. * Forecast data sourced from Deutsche Bank AG (Australian Government) and UBS (Semi Government)

It is widely expected that under current

fiscal estimates, the volume of Semi-

Government benchmark bonds will continue to increase over the

forward estimates.

Jun-

93

Jun-

94

Jun-

95

Jun-

96

Jun-

97

Jun-

98

Jun-

99

Jun-

00

Jun-

01

Jun-

02

Jun-

03

Jun-

04

Jun-

05

Jun-

06

Jun-

07

Jun-

08

Jun-

09

Jun-

10

Jun-

11 (f

)*

Jun-

12 (f

)*

Jun-

13 (f

)*

Jun-

14 (f

)*

0

25,000

50,000

75,000

100,000

125,000

150,000

175,000

200,000

225,000

AUD

milli

on

Australian GovernmentTotal Semi-GovernmentCreditSupra/Sovereign

Forecasts

Figure 41: Benchmark bond outstandings — Australian Government Issuers (as at 30 September 2010)

QTC benchmark bond outstandings are

second only to those of the Australian

Commonwealth Government—an indication of the

depth and liquidity of individual lines.

Source: UBS Composite Bond Index plus Semi-Government global/exchangeable bonds. Q U E E N S L A N D T R E A S U R Y C O R P O R A T I O N 5 8


CGS QTC NSWTC TCV WATC SAFA TASC NTTC0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

110,000

120,000

130,000

140,000AU

D mi

llion

Figure 42: Domestic Australian Semi-Government bonds, respective margins to Australian Government curve

Jun-9

4

Dec-9

4

Jun-9

5

Dec-9

5

Jun-9

6

Dec-9

6

Jun-9

7

Dec-9

7

Jun-9

8

Dec-9

8

Jun-9

9

Dec-9

9

Jun-0

0

Dec-0

0

Jun-0

1

Dec-0

1

Jun-0

2

Dec-0

2

Jun-0

3

Dec-0

3

Jun-0

4

Dec-0

4

Jun-0

5

Dec-0

5

Jun-0

6

Dec-0

6

Jun -

07

Dec-0

7

Jun-0

8

Dec-0

8

Jun-0

9

Dec-0

9

Jun-1

0

0

10

20

30

40

50

60

70

80

90

100

110

120

130

140Ba

sis po

ints

TCVWATCSAFATASCORPNSWTC AGGNSWTCQTC AGGQTC



Average duration adjusted for maturities longer than two years.

With the onset of the global financial crisis in

mid-2007, yields on Semi Government bonds rose appreciably relative

to those of Australian government bonds.

The Australian Government’s announcement on 25 March

2009, that it would offer a temporary guarantee of

State AUD borrowings, had a positive impact on semi

government margins.

In February 2010 the Australian Government

announced the withdrawal of its guarantee scheme

effective 1 January 2011.

Source: CBA Spectrum

Figure 43: Australian Government and credit curves: average end of month margin to swap



Similar to all fixed income assets, Semi Government bonds

were not immune to the Global

Financial Crisis.

Dec-

98

Jun-

99

Dec-

99

Jun-

00

Dec-

00

Jun-

01

Dec-

01

Jun-

02

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-1.50%

-1.00%

-0.50%

0.00%

0.50%

1.00%

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2.00%

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6.00%Sw

ap M

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AAA AA A BBB C'wealth Semis



Other long-term securitiesMedium-Term Note (MTN) programs Multi-currency Euro and US programs Structured to meet investor requirements (currency, coupon, maturity etc.) Reverse enquiry placement through MTN Distribution Group Reverse enquiry placement through non-Distribution Group members (‘Dealer for a Day’)

MTN Distribution Groups*EURO MTN US MTNANZ Banking Group Limited UBS Investment Bank ANZ Banking Group Limited

Citi Westpac Banking Corporation Citi

Commonwealth Bank of Australia Commonwealth Bank of Australia

Deutsche Bank Daiwa Securities America Inc.

JP Morgan Securities Limited Daiwa Securities SMBC Europe Limited

National Australia Bank Limited Deutsche Bank Securities

Nomura International JP Morgan Securities Limited

RBC Capital Markets RBC Capital Markets

Royal Bank of Scotland RBS Greenwich Capital

TD Securities TD SecuritiesUBS Investment Bank


QTC’s Indicative Borrowing Program, 2010-11 Financial Year



2010-11 AUD M

2009-10 (REVISED*) AUD M

REFINANCING OF MATURING DEBT:

AUD Benchmark Bonds 8,763 11,601

AUD Non-Benchmark Bonds 405 58

Medium-Term Notes 0 487

Commercial Paper 1 2,237 4,714

TOTAL MATURING DEBT 11,405 16,860

ADJUSTMENTS:

Prefunding of Benchmark Bond maturity 0 (4,380)

Principal repayments from QTC customers (600) (600)

TOTAL REFINANCING 10,805 11,880

NEW BORROWING:

Capital works and asset procurement 12,947 12,985

Funding in advance of customer borrowings (5,674) (5,066)

TOTAL NEW BORROWING 7,273 7,919

TOTAL BORROWING PROGRAM2 18,078 19,799

1. Expected commercial paper outstanding as at 30 June.2. Funding activity may vary depending upon actual customer requirements, the State’s fiscal position and financial market conditions. * Based on the State Budget 2009-10 Mid-Year Economic and Fiscal Update released on 4 December 2009.

Figure 44: Total funds raised - actual and forecast, 2000-01 to 2013-14

2000

-01

2001

-02

2002

-03

2003

-04

2004

-05

2005

-06

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-07

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-11 (f)

2011

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0

5000

10000

15000

20000

25000

AUD

millio

n

New BorrowingsRefinancing Actual Raisings Forecast Raisings

(f) = forecast





Summary of key pointsQTC: funds the Queensland Government public sector is 100% government owned has all debt obligations fully guaranteed by the State of Queensland debt carries the following credit rating (identical to the State of Queensland) - Moodys: Aa1/Stable/P1 - Standard & Poors: AA+/Stable/A-1+ selected AUD domestic and global benchmark bonds* also carry the guarantee of the Australian

Commonwealth Government, and are rated AAA/Aaa by Standard and Poor’s and Moody’s respectively.

employs a conservative and transparent funding strategy,

has over 20 years proven operating experience, and

has an estimated funding requirement for 2011 of AUD18 billion.

*Refer to Appendix C for further details.

APPENDICES



Appendix A: Queensland Treasury Corporation—key functions

Queensland Treasury Corporation (QTC) fulfils a unique role in Queensland as the State’s corporate treasury services provider. QTC has a dual responsibility for the State’s debt funding and financial risk management.QTC works closely with its public sector customers to assist them to minimise risk in their financial transactions and achieve the best financial solutions for their organisations and the State. In its funding role, QTC borrows funds in both domestic and international markets by issuing a variety of debt instruments. The funds raised are then lent to Queensland’s public sector customers. With responsibility for virtually all of the State’s debt raisings, QTC is able to capture significant economies of scale and scope in the issuance, management and administration of debt. As the State’s corporate treasury services provider, QTC does not formulate Government policy, but works within the policy frameworks developed by Queensland Treasury and the State Government. In this context, QTC’s role is to implement the operational functions of a corporate treasury.

APPENDICES



QTC encourages its customers to use QTC as an extension of their resources and to access the scope and scale of the economies it can deliver, by: assisting Government entities in providing access to uniform corporate treasury skills and resources to ensure

that their risks are identified and managed on a consistent basis seeking to add value by ensuring that all Government-owned entities benefit in the raising and management

of their debt acting as a central repository of knowledge and expertise on financial structures and transactions, and the

associated risks and benefits providing Queensland Treasury with advice on matters of financial and commercial policy implementation

and risk relating to the State and its entities working as a conduit between Government and the private sector to ensure that the best possible solutions

are obtained, and focusing on creating value for Queensland through the provision of low-cost finance and flexibility in

managing financial risks.To fulfil its role, QTC is committed to teamwork, innovation and developing strong relationships with its customers.Founded in 1988, QTC is a corporation sole, constituted by the Under Treasurer in accordance with the Queensland Treasury Corporation Act 1988.



Appendix B: State Government Guarantee The Treasurer of Queensland, on behalf of the State Government, guarantees QTC’s obligations under the debt instruments issued by QTC from time to time. In respect to all domestic securities issued by QTC, section 32 of the Queensland Treasury Corporation Act 1988 provides a statutory guarantee of QTC’s obligations to stockholders:

SECTION 32The due repayment of principal on inscribed stock issued in accordance with this Act and, where payable, the due payment of interest relating to the inscribed stock are guaranteed by the Treasurer, on behalf of the Government.

Section 33 of the Queensland Treasury Corporation Act empowers the Treasurer to guarantee due payment of moneys and due performance of obligations in accordance with financial arrangements or other arrangements entered into by QTC. Such discretionary guarantees have been granted by the Treasurer and continue to operate in support of QTC’s offshore debt facilities. All payments by the State Government under these guarantees are appropriated under section 34 of the Queensland Treasury Corporation Act , meaning they can be paid from the State’s Consolidated Fund without any further legislative approval.Under each of these guarantees, the Treasurer has expressly waived sovereign immunity from prosecution, except in respect of a limited number of the State’s key strategic property assets such as Parliament House, the court houses, Governor’s residence and prisons. It has not been the practice of the Treasurer, however, to guarantee QTC’s obligations made through risk-management instruments, such as swaps, options, futures and foreign exchange contracts.All profits made by QTC accrue to the benefit of the Consolidated Fund of the State of Queensland and any losses of QTC are also the responsibility of the Consolidated Fund.



Appendix C: Australian Commonwealth Government Guarantee

VOLUNTARY GUARANTEE OVER STATE GOVERNMENT BORROWINGSThe Global Financial Crisis had a very adverse effect on the state government bond market threatening the capacity of state governments to deliver critical infrastructure projects.In response to this, on 25 March 2009, the Australian Commonwealth Government announced that it would provide a time limited, voluntary guarantee over Australian State and Territory government borrowing. The guarantee is available for both existing and new issuances of securities over a range of maturities, but does not extend to issuances denominated in foreign currencies.The Queensland Government, on 16 June 2009, announced that it would take up the Australian Commonwealth Government’s offer of the guarantee on all existing AUD denominated benchmark bond lines (global and domestic) issued by QTC with a maturity date of between 12 months and 180 months (1-15 years).

GUARANTEE APPLICATION On 18 September 2009, the Reserve Bank of Australia (RBA) approved QTC’s application for the Australian Commonwealth Government Guarantee to be applied to selected AUD Domestic Benchmark bonds. On 11 December 2009, the RBA approved QTC’s application for the Australian Commonwealth Government Guarantee to be applied to selected AUD Global Benchmark bonds.



The RBA issued guarantee-eligibility certificates for the following selected QTC bond lines:

DOMESTIC BOND LINES GLOBAL BOND LINES

6.00% 14 Jun 2011 6.00% 14 Jun 2011

6.50% 16 Apr 2012 6.00% 14 Aug 2013

6.00% 14 Aug 2013 6.00% 14 Oct 2015

6.00% 14 Oct 2015 6.00% 14 Sep 2017

6.00% 14 Sep 2017

6.25% 14 Jun 2019

6.00% 14 Jun 2021

As at 23 December 2009, Standard and Poor’s and Moody’s Investors Service assigned AAA/Aaa ratings respectively to the guaranteed bonds.

In February 2010 the Australian Government further announced that it will be withdrawing its guarantee scheme effective 1 January 2011.

All benchmark bond lines guaranteed by the Australian Government will remain covered by this guarantee until maturity.



Appendix D: Australia’s Federalism and Fiscal SystemFederalismThe Commonwealth of Australia (‘Australia’ or the ‘Commonwealth’) was formed as a federal union on 1 January 1901, when the six British colonies of New South Wales, Victoria, Queensland, South Australia, Western Australia and Tasmania were united as states in a federation. In addition to the six States, Australia has two territories — Northern Territory and the Australian Capital Territory — the latter hosting the nation’s capital of Canberra.

PowersCOMMONWEALTH GOVERNMENTThe Commonwealth Parliament has power to legislate on specific matters of national interest, such as defence, external affairs, overseas and interstate trade and commerce, currency and banking. The Commonwealth also has primary responsibility for overall economic management in Australia. For example, the Commonwealth has responsibility for monetary policy, national budget policy, fiscal policy, exchange rates and external policy.

STATE GOVERNMENTThe state parliaments retain powers over all matters other than those granted to the Commonwealth under the Constitution.State powers include control over education, public health, police and justice, transport, roads and railways, industry, mining and agriculture, public works, ports, forestry, electricity, gas, and water supply and irrigation.



Tax sharing arrangements COMMONWEALTH GOVERNMENTSince World War II, the Commonwealth has acted as the sole income taxing authority, and annual general revenue grants have been paid by the Commonwealth to the states.The Commonwealth also has exclusive constitutional power to impose excise duty, goods and services tax (GST), and customs duty. The states receive all revenue raised by the GST. This is distributed by the Commonwealth under its principles for Horizontal Fiscal Equalisation (HFE)1. The States have full discretion in terms of how they spend the revenue.

STATE GOVERNMENTThe states impose payroll taxes, stamp duties and land taxes. Local governments impose taxes based on the rateable value of real property.

The states have the right to change any tax rates associated with their areas of taxation they are responsible for.

1. The Commonwealth Grants Commission defines HFE as follows, “State governments should receive funding from the Commonwealth such that, if each made the same effort to raise revenue from its own sources and operated at the same level of efficiency, each would have the capacity to provide services at the same standards. Thus HFE seeks to ensure that each State has the capacity to provide services at national average levels at average levels of efficiency. HFE is grounded in the concept that citizens in different States should have access to equal standards of government services”.



Appendix E: QTC’s funding facilities (as at 30 September 2010)FACILITY SIZE $M GOVERNING LAW MATURITIES CURRENCIES

AMOUNT ON ISSUE AUD M PLACEMENT

SHORT TERM

Domestic T-Note

Unlimited Queensland 7–365 days AUD 1,178 By tap through Dealer Panel

Euro CP USD10,000 English and Queensland

7–365 days Multi-currency 1,566 Continuously offered through Dealer Panel

US CP USD5,000 New York and Queensland

1–270 days Multi-currency 598 Continuously offered through Dealer Panel

LONG TERM

Domestic AUD Bond

Unlimited Queensland 12 benchmark lines: 2011–2021

AUD 55,988 By tap or tender through Distribution Group

Preferred line 2033

AUD 617 Reverse enquiry through Distribution Group

Capital Indexed Bond 2030

AUD 663 By tap or tender through Distribution Group

Global AUD Bond

AUD20,000 New York and Queensland

4 benchmark lines: 2011–2017 (transferable to domestic bonds)

AUD 3,049 Continuously offered through Distribution Group

Multi-currency Euro MTN

USD10,000 English and Queensland

Subject to market regulations

Multi-currency 852 Reverse enquiry through Dealer Panel

Multi-currency US MTN

USD10,000 New York and Queensland

9 months–30 years Multi-currency 0 Reverse enquiry through Dealer Panel

The funding facilities above are supplemented with public issues and private placements.



Appendix F: QTC’s Global AUD Bond—key characteristics TERMS Issued in offshore markets with coupons and maturity dates identical to those of the AUD Domestic Bond.

ISSUANCE Issued through a Distribution Group based in Australia, Asia, Japan, Europe and the United States on a continuously offered basis.

REGISTRATION Issued pursuant to a Schedule B Registration Statement filed with the United States Securities and Exchange Commission.

LISTING Listed on either the London or Luxembourg Stock Exchanges. All new issues will be listed on the Luxembourg Stock Exchange.

TAXATION All payments are exempt from Australian Interest Withholding Tax.

SETTLEMENTS Settlement through DTC, Euroclear and Clearstream. Notes are book entry only.

TRANSFER MECHANISM May be transferred into QTC’s Domestic AUD Bonds at the holder’s election.

FISCAL AGENTS

Deutsche Bank AG Corporate Trust and Agency Services 1 Great Winchester StreetLondon EC 2N 2DBUnited Kingdom Ph: +44 207 545 8000

Deutsche Bank Trust Company Americas 60 Wall StreetNew York, NY United States of America Ph: +1 212 250 2500


Appendix G: GlossaryACT Australian Capital Territory NT Northern Territory

AUD Australian dollar QLD Queensland

CP Commercial paper QTC Queensland Treasury Corporation

CIB Capital indexed bond RBA Reserve Bank of Australia

CPI Consumer price index RHS Right hand side

(e) Estimate SA South Australia

(ea) Estimate actual SAFA South Australian Financing Authority

(f) Forecast T-NOTE Treasury note

FRN Floating rate note TAS Tasmania

GDP Gross Domestic Product TASCORP Tasmanian Treasury Corporation

IWT Interest withholding tax TCV Treasury Corporation of Victoria

LHS Left hand side US United States of America

MTN Medium-term note VIC Victoria

NSW New South Wales WA Western Australia

NSWTC New South Wales Treasury Corporation WATC Western Australia Treasury Corporation

P R I N T V E R S I O N : 3 0 S E P T E M B E R 2 0 1 0

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