Our Beginnings
In the early 1980s, the deregulation of domestic capital markets and changes in the Australian Loan Council rules on semi-government borrowings highlighted a growing need to coordinate and consolidate the borrowing programs of semi-government authorities under one central body.
Western Australia was the first state to introduce legislation to establish a central approach to semi-government borrowing under the Borrowings for Authorities Act 1981. Under this approach, funds raised by the Treasurer of Western Australia were lent on a back-to-back basis to the various statutory authorities requiring funds.
As capital markets continued to develop and change, the State Treasury had the opportunity to assess its operations under the Borrowings for Authorities Act. It identified that certain amendments were needed in the Act to provide a more flexible approach to raising funds and to take advantage of a growing range of sophisticated debt instruments.
The result was the establishment of Western Australian Treasury Corporation (WATC) on 1 July 1986 under the Western Australian Treasury Corporation Act 1986 (the Act) as the State’s central borrowing authority. Amendments to the Act during 1998 expanded WATC’s role to include the provision of financial management services to the Western Australian public sector.
A History of Achievement
1986Corporation is Established
Western Australian Treasury Corporation (WATC) is formally established as the State’s central borrowing authority on 1 July 1986 under its own Act.
1987Promising First Year
WATC amasses 50 clients with loans totalling $1.3 billion, issues its first overseas borrowing in the Deutsche Mark Eurobond Market and establishes its Euro Commercial Paper Program.
1990EMTN Program Established
WATC establishes its Euro Medium Term Note (EMTN) program. It is designed to provide better access to long-term funding sources and greater flexibility across the borrowing program.
1998Expanded Role
The Western Australian Treasury Corporation Act is amended mid-way through this year, resulting in the expansion of WATC's role to include providing financial management services to the WA public sector.
2006Significant Growth
Twenty years after its inception, WATC continues to support the State and a range of local and semi-government authorities. The number of clients increases to 173 from 50 and the loan portfolio grows to over $10 billion.
2012First Bonds Issued by Syndication
WATC undertook its first two syndicated bond issues which included launching a $200 million Floating Rate Note and advanced $3.9 billion in net new loan funding.
2020Continued Expansion
During 2019/20, WATC sources a record level of funds totalling $11 billion while undertaking 68 advisory engagements in partnership with a range of public sector and local government clients.
2023Inaugural Green Bond
Following the release of the Sustainability Bond Framework in May 2023, WATC successfully issued its first green bond in June 2023, raising $1.9 billion to support the State's initiatives towards positive climate outcomes.
Our Impact
WATC Client Debt 1987 to 2024
Our Iconic Western Australian Projects
2020 - WestportWATC provided key financial analysis to support the Westport Taskforce’s recommendation for a future container port at Kwinana to meet the State’s long-term needs.
Image courtesy of Westport
2016 - Public Transport AuthorityWATC provided the Public Transport Authority with debt funding and foreign exchange services supporting the delivery of the new landmark Perth Busport.
Image courtesy of Public Transport Authority.
2011 - Water CorporationWATC provided debt funding and foreign exchange advice supporting Water Corporation construct the Southern Seawater Desalination Plant.
Image courtesy of Water Corporation.
2010 - Horizon PowerWATC supported Horizon Power to build solar-diesel power stations in Marble Bar and Nullagine in the Northwest of Western Australia.
Image courtesy of Horizon Power.
2007 - Esperance Port AuthorityWATC provided foreign exchange and debt management services to Esperance Port Authority to assist the Port purchase a new crane.
Image courtesy of Esperance Port Authority.
2005 - Edith Cowan UniversityEdith Cowan University built its iconic Joondalup Campus with debt funding from WATC.
Image courtesy of Edith Cowan University.
1993 - Dawesville BridgeThe bridge spanning the Dawesville Channel in Mandurah was constructed with debt funding from WATC.
1991 - Perth City Bus PortDebt funding from WATC supported the development and construction of the Perth City Bus Port.
1988 - Hillarys Boat HarbourWATC funding of the State's capital works program supported the construction of Hillarys Boat Harbour Stage 1 development.
1987 - Fremantle Fishing Boat HarbourDebt funding from WATC supported the redevelopment of Fremantle Fishing Boat Harbour for the America's Cup Defence.
Banner images:
Top - Perth City. Image courtesy of Water Corporation.
Below - Karijini National Park. Image courtesy of Tourism Western Australia.