Australian Government, the Australian Office of Financial Management

Commonwealth Debt Management 1996-97

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Entire Document 4.74 MB 1.15 MB
Contents 136 KB 15 KB
Introduction 48 KB 10 KB
1996-97 Borrowing Program 722 KB 177 KB
Portfolio Management In 1996-97 262 KB 47 KB
Public Debt Interest in 1996-97 151 KB 50 KB
Liaison With Credit Rating Agencies 35 KB 10 KB
Consultancies in 1996-97 73 KB 11 KB
The Secondary Market for CGS - Movements in Yields 329 KB 200 KB
International Debt Comparisons 67 KB 19 KB
Appendix 1: Commonwealth Government Securities Issued During 1996-97 286 KB 91 KB
Appendix 2: The Stock of Commonwealth Government Securities on Issue 1.14 MB 316 KB
Appendix 3: Redemption in 1996-97 of Commonwealth Government Securities on Issue for the Commonwealth 357 KB 81 KB
Appendix 4: Commonwealth Government Securities on Issue for the States and the Territories 794 KB 174 KB
Appendix 5: The Loan Consolidation and Investment Reserve (LCIR) 255 KB 33 KB
Appendix 6: Glossary 280 KB 26 KB


The Treasurer has ministerial responsibility for the Commonwealth's debt management operations and, in accordance with the relevant legislation, authorises officers of the Treasury to undertake certain of these responsibilities on his behalf.

The Treasury is responsible for advising the Treasurer on all aspects of debt management on behalf of the Commonwealth through the issue of various borrowing instruments, the strategic formulation and undertaking of portfolio management, including through swap transactions, the administration of the redemption of debt represented by Commonwealth Government securities (CGS) and the assessment of the budgetary cost of the Commonwealth's debt portfolio.

The total face value of CGS on issue for the Commonwealth, including CGS held by the Commonwealth Trust Fund, was $108.9 billion at end-June 1997. Excluding the Trust Fund holding, which does not constitute a Commonwealth liability, the net CGS on issue for the Commonwealth was $107.3 billion at end-June 1997.

In addition, the Treasury administers the redemption of Commonwealth Government security debt on allocation to the States and the Territories, with a face value of $3.7 billion of stock being on issue at end-June 1997. The Commonwealth ceased new money borrowings on behalf of the States and the Territories in 1987-88 and ceased roll-over borrowings for the States and Territories from end-June 1990.

This publication mainly covers CGS on issue for the Commonwealth and operations in 1996-97 in relation to that debt. Details of the redemption of CGS effected on behalf of the States and Territories, and of their outstanding holdings, are provided in Appendix 4.

This is the second edition of 'Commonwealth Debt Management'. The publication was commenced with a report for 1995-96 and replaces the annual 'Government Securities on Issue' publication and the Annual Report of the National Debt Commission.

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