Annual Report 2026

Maintaining our High Credit Ratings 
Our borrowings continue to be afforded the highest credit ratings of AAA by S&P Global Ratings and Aaa by Moody’s Ratings. Western Australia remains the only Australian state or territory with a triple-A credit rating from both major international rating agencies.

_{Image courtesy of Tourism Western Australia.}

Achieving Strong Investor Demand
The syndicated issue of our third green-labelled benchmark bond under our Sustainable Bond Program was approximately 3.9 times oversubscribed with a record final order book of $7.8 billion. The issuance attracted 16 new investors.

_{Image courtesy of Frances Andrijich.}

Delivering Tangible Outcomes
Our new Impact Framework provides a more cohesive view of how the State Government’s policy objectives and the projects in our green bond project pool align to deliver meaningful outcomes. Quantitative data enables investors to attribute measurable impact to their investment in our green bonds.

_{Image courtesy of Tourism Western Australia.}

Guiding Our Clients Through Change
We supported government by providing our debt management expertise and operational support, helping clients to navigate Public Sector Reforms with minimal disruption to borrowing, investment and foreign exchange activities.

Continued High Levels of Client Satisfaction
We provide a range of services which are available to all Western Australian government entities, local governments and public universities. Through feedback, our clients shared how they continue to be very satisfied with our products and services and the value that we provide.

Building on Our Positive Practices 
We are committed to diversity and inclusion, and the health and wellbeing of our employees. Over the year, we continued to support team members through a range of initiatives that strengthen wellbeing, connection and inclusive workplace behaviours.