Australian Government, the Australian Office of Financial Management

Part 6

Appendices:
Commonwealth Government securities on issue

Appendix A

Contents Page

Introduction
Explanatory notes

Tables

Table A1: Government securities on issue at 30 June 2001
Table A2: Government securities on issue at 30 June 1992 to 2001
Table A3: Government securities denominated in Australian dollars on issue, classified by holder at 30 June 1998 to 2001
Table A4: Government securities on issue, Australian dollar and foreign currency denominated, as a percentage of GDP from 1992 to 2001
Table A5: Composition of the Commonwealth's foreign currency liabilities at 30 June 2001
Table A6: Composition of swaps portfolio at 30 June 2001
Table A7: Change during 2000-01 in Government securities on issue
Table A8: Principal contractual obligations of the Commonwealth, State and Northern Territory Governments on Australian dollar denominated debt at 30 June 2001
Table A9: Principal contractual obligations of the Commonwealth and State governments on foreign currency denominated debt at 30 June 2001
Table A10: Government securities on issue at 30 June 2001 (Australian dollar denominated)
Table A11: Government securities on issue at 30 June 2001 (foreign currency denominated)
Table A12: Commonwealth investments at 30 June 2001

Introduction

    The securities listed in this appendix are for the most part Commonwealth securities issued for and on behalf of the Commonwealth, State and Territory Governments, although a few State securities (mostly issued prior to the Financial Agreement) are still outstanding. Virtually all outstanding foreign currency debt is held on account of the Commonwealth (the exception being a small amount of Sterling debt held on account of the States). Aggregate details for the States and Territories are provided in Appendix A, with separate details for each of the States and the Northern Territory being provided in Appendix D.

Explanatory notes

    The Commonwealth holds stock, acquired through market repurchasing, in various Treasury Fixed Coupon Bonds lines and, in the past, in a public Netherlands Guilder loan on issue for the Commonwealth, the documentation for which precluded early redemption. The stock was acquired under the Treasurer's investment powers conferred by the Financial Management and Accountability Act 1997 and, prior to 1 July 1999, the Loan Consolidation and Investment Reserve Act 1955.

    Commonwealth Government securities held by the Commonwealth do not constitute a liability for the Commonwealth and, as such, have been excluded from the data presented in this appendix where indicated.

    In addition, forms of Commonwealth indebtedness not evidenced by the issue of securities are excluded, as is debt of semi-government and local authorities of the Commonwealth and the debt of other bodies guaranteed by the Commonwealth.

    Commonwealth securities held by the RBA or as investments by the Commonwealth, the States or the Territories would be deducted in any calculation of `net public debt', but are included in this document except where otherwise indicated.

    The figures contained in this appendix cannot be used to derive borrowings or net borrowings. This is because, in addition to the coverage factors mentioned above, all the figures are expressed in nominal or `face value' terms, whereas some securities are originally issued, or ultimately redeemed or repurchased, at prices different from their face value.

    The Australian currency equivalent is shown of securities repayable in foreign currencies. For conversion purposes, the rate for the AUD against the USD for the last working day of the financial year, as published by the RBA, has been used. This rate is based upon an average of market rates. Rates for foreign currencies other than the Deutsche Mark and the Netherlands Guilder, have been derived by crossing the AUD/USD rate with market rates for those currencies on the same day. In the case of the Deutsche Mark and Netherlands Guilder, the exchange rate was derived by multiplying the value of the AUD against the Euro by the relativity factors for the Deutsche Mark and the Netherlands Guilder established on the introduction of the Euro.

    While this is a convenient method of showing in a common currency the amounts involved, the cost in Australian currency of meeting the various obligations will differ from that shown to the extent that there is any change in the relevant exchange rates between 30 June 2001 and the dates on which the obligations are paid.

    The rates of exchange to the Australian dollar at 30 June 2000 and at 30 June 2001 are as follows:

 

At 30 June 2000

At 30 June 2001

Sterling

0.3941

0.3603

United States Dollar

0.5986

0.5075

Deutsche Mark

1.2287

1.1739

Swiss Franc

0.9784

0.9127

Netherlands Guilder

1.3844

1.3227

Japanese Yen

63.19

62.94

Table A1: Government securities on issue at 30 June 2001

Table A1: Government securities on issue at 30 JUne 2001

(a) Net of Commonwealth holdings.

(b) Overdue securities and loans acquired from the Federal Airports Corporation and Australian National Railways.

(c) The Australian dollar equivalent of securities denominated in foreign currencies has been calculated in this table at the rate of exchange ruling at 30 June 2001. This is a convenient method of showing the total amount in one common currency, but the cost in Australian dollars of meeting these repayments in due course will be different from the amounts shown, reflecting exchange rates prevailing when the payments are made. Exchange rates as indicated in the introduction to this Appendix.

Table A2: Government securities on issue at 30 June 1992 to 2001

Table A2: Government securities on issue at 30 June 1992 to 2001

(a) Net of Commonwealth holdings.

(b) Loans taken over from the Canberra Commercial Development Authority, the Pipeline Authority, Federal Airports Corporation and Australian National Railways.

(c) Australian dollar equivalent at 30 June.

(d) Acquired by the Commonwealth as an investment, since the loan documentation precludes early redemption.

(e) Net of Internal Treasury Bills and other Commonwealth holdings.

Table A2: Government securities on issue at 30 June 1992 to 2001 (continued)

Table A2: Government securities on issue at 30 June 1992 to 2001

(a) Australian dollar equivalent at 30 June.

(b) Net of Internal Treasury Bills and other Commonwealth holdings.

Table A3: Government securities denominated in Australian dollars
on issue, classified by holder at 30 June 1998 to 2001

Table A3: Government securities denominated in Australian dollars on issue, classifed by holder at 30 June 1998 to 2001

(a) Includes Treasury Fixed Coupon Bonds, Treasury Adjustable Rate Bonds and Treasury Indexed Bonds.

(b) Excludes Federal Airports Corporation and Australian National Railways loans assumed by the Commonwealth.

r revised.

Table A4: Government securities on issue, Australian dollar and foreign currency denominated, as a percentage of GDP from 1992 to 2001(a)

Table A4: Government securities on issue, Australian  dollar and foreign currency denominated, as a percentage of GDP from 1992 to 2001

(a) As at 30 June.

(b) Excludes Internal Treasury Bills and other Commonwealth holdings.

(c) Converted to Australian dollars at the rates of exchange ruling on the dates indicated.

(d) Excludes liabilities held by the Commonwealth as an investment.

Table A5: Composition of the Commonwealth's foreign currency liabilities at 30 June 2001(a)(b)

Table A5: Composition of the Commonwealth's foreign currency liabilities at 30 June 2001

(a) Face value, converted to Australian dollars at the exchange rates indicated in the introduction to this Appendix.

(b) Excludes overdue stocks.

(c) Includes swaps and forward foreign exchange contracts.

Table A6: Composition of swaps portfolio at 30 June 2001

Interest rate swaps

Number of Transactions

Currency

Notional Principal (million)

Interest
Rate

Frequency of Payment

Interest Rate

Frequency of Payment

Remaining Life of Swaps (Years)(a)

     
Commonwealth receives
 
Commonwealth
pays
   

71

Australian Dollar

9 675.0

Fixed

Quarterly

Floating

Quarterly

5.2

160

Australian Dollar

20 900.0

Fixed

Semi-Annual

Floating

Semi-Annual

5.0

Cross currency interest rate swaps

Number of Transactions

Currency

Notional Principal (million)

Interest
Rate

Frequency of Payment

Currency

Notional Principal (million)

Interest Rate

Frequency of Payment

Remaining Life of Swaps (Years)(a)

 
Commonwealth receives
     
Commonwealth Pays
       

1

Australian dollar

100.0

Fixed

Semi-annual

United States dollar

79.6

Fixed

Annual

0.3

18

Australian dollar

1 829.0

Fixed

Semi-annual

United States dollar

1 337.2

Fixed

Semi-annual

4.1

42

Australian dollar

5 426.9

Fixed

Semi-annual

United States dollar

4 035.3

Floating

Semi-annual

2.6

2

Australian dollar

200.0

Floating

Semi-annual

United States dollar

157.6

Fixed

Semi-annual

0.3

3

Australian dollar

400.0

Floating

Semi-annual

United States dollar

337.2

Floating

Semi-annual

0.7

1

Australian dollar

68.0

Floating

Quarterly

United States dollar

40.0

Fixed

Annual

2.4

1

United States Dollar

200.0

Fixed

Annual

Australian dollar

362.6

Fixed

Semi-annual

2.4

(a) Weighted average remaining life of swaps at 30 June 2001.

Table A7: Change during 2000-01 in Government securities on issue

A - Securities repayable in Australian dollars (face value)

Table A7: Change during 2000-01 in Government securities on issue

(a) Net movement.

(b) Peace Savings Certificates and loans taken over from the Federal Airports Corporation and Australian National Railways.

Table A7: Change during 2000-01 in Government securities on issue (continued)

B - Securities repayable in foreign currencies (face value in foreign currency)

Table A7: Change during 2000-01 in Government securities on issue

(a) Includes NLG 6 922 000 of stock held as an investment by the Commonwealth.

Table A7: Change during 2000-01 in Government securities on issue (continued)

C - Securities repayable in foreign currencies (Australian dollar equivalent)(a)

Table A7: Change during 2000-01 in Government securities on issue

(a) Converted to Australian dollars at the exchange rates indicated in the introduction to this Appendix.

(b) Includes $A 5 000 000 of stock held as an investment by the Commonwealth.

(c) Less than $500.

Table A8: Principal contractual obligations of the Commonwealth, State and Northern Territory Governments on Australian dollar denominated debt at 30 June 2001(a)

Table A8: Principal contractual obligations of the Commonwealth, State and NT Govts on Aust dollar denominated debt at 30 June 2001

(a) Repayments of principal amounts.

(b) Includes $'000 3 867 728 of Treasury Fixed Coupon Bonds held as an investment by the Commonwealth.

(c) Peace Savings Certificates for the Commonwealth and Tax Free Stock for the States.

Table A9: Principal contractual obligations of the Commonwealth and State Governments on foreign currency denominated debt at 30 June 2001(a)(b)

Table A9: Principal contractual obligations of the Cmwth and State Govts on foreign currency denominated debt at 30 June 2001

(a) Repayments of principal amounts. All obligations in the table are of the Commonwealth; £503 535 
($A 1 397 542) is on issue on behalf of South Australia and matures at the South Australian Treasurer's option.

(b) The Australian dollar equivalent of foreign currency debt obligations has been calculated at the rates of exchange indicated in the introduction to this Appendix.

(c) Includes Qantas and Federal Airports Corporation liabilities assumed by the Commonwealth in 1992-93 and 1996-97 respectively.

Table A10: Government securities on issue at 30 June 2001 (Australian dollar denominated)

Table A10: Govt securities on issue at 30 June 2001

Table A10: Government securities on issue at 30 June 2001 (Australian dollar denominated) (continued)

Table A10: Govt securities on issue at 30 June 2001

* Subject to rebate under Section 160A of the Income Tax Assessment Act 1936.

Table A10: Government securities on issue at 30 June 2001 (Australian dollar denominated) (continued)

Table A10: Govt securities on issue at 30 June 2001

(a) All on issue for the Commonwealth.

Table A10: Government securities on issue at 30 June 2001 (Australian dollar denominated) (continued)

Table A10: Govt securities on issue at 30 June 2001

(a) See Appendix D, Tables D10 and D13 for years of maturity.

(b) Up to 7 days notice.

(c) Particulars of yields on issues during 2000-01 are set out in Appendix B, Table B4.

(d) Treasury Notes are issued with maturity dates that broadly coincide with the four major tax collection periods during the year.

(e) Liabilities assumed by the Commonwealth.

(f) Includes $100 million Euro-$A loan.

Table A11: Government securities on issue at 30 June 2001 (foreign currency denominated)

Table A11: Govt securities on issue at 30 June 2001

(a) All securities on issue for the Commonwealth except where indicated.

(b) Elapsed bonds reclaimed from fiscal agent.

(c) On behalf of South Australia.

(d) On behalf of New South Wales.

(e) Raised in Europe.

(f) Federal Airports Corporation liability assumed by the Commonwealth.

Table A12: Commonwealth investments at 30 June 2001

Table A12: Cwlth investments at 30 June 2001

Appendix B

Commonwealth Government securities issued and new swap transactions during 2000-01

Tables Page

Table B1: Treasury Fixed Coupon Bond tenders
Table B2: Treasury Indexed Bond tenders
Table B3: Summary of proceeds of loans raised
Table B4: Treasury Notes issued
Table B5: New swap transactions

Table B1: Treasury Fixed Coupon Bond tenders

Table B1: Treasury Fixed Coupon Bonds tenders

Table B2: Treasury Indexed Bond tenders

Table B2: Treasury indexed Bond tenders

Table B3: Summary of proceeds of loans raised

Table B3: Summary of proceeds of loans raised

Table B4: Treasury Notes issued

Table B4: Treasury Notes issued

Table B5: New swap transactions

Interest rate swaps

Number of Transactions

Currency

Notional Principal ($A million)

Interest Rate

Frequency of Payment

Interest Rate

Frequency of Payment

Average Life of Swaps (Years)(a)

     
Commonwealth receives
 
Commonwealth pays
   

65

Australian dollar

7 850.0

Fixed

Quarterly

Floating

Quarterly

6.7

(a) Life of swap at time of execution.

Appendix C

Commonwealth government securities on issue for the Commonwealth redeemed
during 2000-01

Tables Page

Table C1: Redemption during 2000-01 of Government securities on issue for the Commonwealth (Australian dollar denominated)
Table C2: Redemption during 2000-01 of Government securities on issue for the Commonwealth (foreign currency denominated)

Table C1: Redemption during 2000-01 of Government securities on issue for the Commonwealth (Australian dollar denominated)

Table C1: Redemption during 2000-01 of Gvt securities on issue for the Cwlth

(a) Formerly held as an investment by the Commonwealth.

Table C1: Redemption during 2000-01 of Government securities on issue for the Commonwealth (Australian dollar denominated) (continued)

Table C1: Redemption during 2000-01 of Government securities on issue for the Cwlth

Table C1: Redemption during 2000-01 of Government securities on issue for the Commonwealth (Australian dollar denominated) (continued)

Table C1: Redemption during 2000-01 of Govt securities on issue for the Cwlth

(a) Liabilities assumed by the Commonwealth.

Negative amounts represent unclaimed monies.

Table C2: Redemption during 2000-01 of Government securities on issue for the Commonwealth (foreign currency denominated)

Table C2: Redemption during 2000-01 of Gvt securities on issue for the Cwlth

Appendix D

Commonwealth Government securities on issue for the States and Territories

Contents Page

The nature of the debt
Provisions for debt redemption
Debt redemption in 2000-01 and securities outstanding

Tables

Table D1: Debt redemption for New South Wales in 2000-01
Table D2: Debt redemption for Victoria in 2000-01
Table D3: Debt redemption for Queensland in 2000-01
Table D4: Debt redemption for Western Australia in 2000-01
Table D5: Debt redemption for South Australia in 2000-01
Table D6: Debt redemption for Tasmania in 2000-01
Table D7: Debt redemption for the Northern Territory in 2000-01
Table D8: Government securities on issue for New South Wales at 30 June 2001
Table D9: Government securities on issue for Victoria at 30 June 2001
Table D10: Government securities on issue for Queensland at 30 June 2001
Table D11: Government securities on issue for Western Australia at 30 June 2001
Table D12: Government securities on issue for South Australia at 30 June 2001
Table D13: Government securities on issue for Tasmania at 30 June 2001
Table D14: Government securities on issue for the Northern Territory at 30 June 2001

The nature of the debt

    Until July 1990, the Commonwealth borrowed on behalf of the State and Territory Governments and allocated a portion of the proceeds of its Treasury Fixed Coupon Bond raisings to those Governments to fund the redemption of previous allocations of CGS and, until 1986, also as new money borrowings. The States and the Territories are responsible for meeting all obligations as to interest and principal on the CGS on allocation to them.

    In addition to the CGS represented by the Commonwealth's Treasury Fixed Coupon Bond raisings, there are outstanding balances of Tax Free Stock for New South Wales, Victoria and South Australia. This is stock with no fixed date of maturity which was issued by State Governments prior to 1 January 1924. Further, Queensland and Tasmania have repayment obligations to the Commonwealth Bank in relation to previous loans (State Domestic Raisings) under the Savings Bank Amalgamation Agreement (Queensland) and the State Savings Bank Transfer Agreement (Tasmania), South Australia has outstanding Sterling debt which was issued at the turn of the century and which matures at the South Australian Treasurer's option, and there are overdue Sterling stock, Treasury Fixed Coupon Bonds, Australian Savings Bonds and Special Bonds on issue for New South Wales.

    Important areas of State and Territory debt, such as advances for housing made by the Commonwealth under Housing Agreements, are not evidenced by the issue of securities, and therefore do not appear in the appendices. Other examples are specific purpose capital payments made to the States on terms and conditions involving the payment of interest and repayment of capital to the Commonwealth. Debt of semi-government and local authorities of the States and Territories is also excluded, as is the debt of other bodies guaranteed by Governments.

Provisions for debt redemption

    Following a decision of the Loan Council, from July 1990 the States and Territories have been required to make sufficient payments to the Commonwealth to enable the redemption, at its maturity, of all CGS on issue for them.

    The annual funding of the redemption of State and Territory debt is governed by the Financial Agreement Act 1994 under which the Commonwealth contributes at the rate of 0.28 per cent of the net CGS debt outstanding for the State/Territory at the previous 30 June and the States and the Northern Territory contribute at the rate of 0.85 per cent. Supplementary contributions by the States and the Northern Territory, net of these formula contributions and interest earnings on cash balances, are determined by the volume of maturing debt.

    Redemption of the CGS nominally allocated to the ACT is administered in a manner consistent with the conditions applying to the States and the Northern Territory, but outside the Debt Retirement Reserve Trust Account (DRRTA), through which CGS debt on issue for the States and the Northern Territory has been administered since 1 July 1995.

Debt redemption in 2000-01 and securities outstanding

    For each State and the Northern Territory, particulars of the debt redemption effected in 2000-01, and the debt outstanding at 30 June 2001, are set out below.

Table D1: Debt redemption for New South Wales in 2000-01

Table D1: Debtredemption for NSW in 2000-01

Table D2: Debt redemption for Victoria in 2000-01

Table D2: Debt redemption for Vic in 2000-01

Table D3: Debt redemption for Queensland in 2000-01

Table D3: Debt redemption for Qld in 2000-01

Table D4: Debt redemption for Western Australia in 2000-01

Table D4: Debt redemption for WA in 2000-01

Table D5: Debt redemption for South Australia in 2000-01

Table D5: Debt redemption for SA in 2000-01

Table D6: Debt redemption for Tasmania in 2000-01

Table D: Debt redemption for Tas in 2000-01

Table D7: Debt redemption for the Northern Territory in 2000-01

Table D7: Debt redemption for the NT in 2000-01

Table D8: Government securities on issue for New South Wales at 30 June 2001

Table D8: Govt securities on issue for NSW at 30 June 2001

(a) Australian dollar equivalent at 30 June 2001 using exchange rate indicated in Appendix A.

Table D9: Government securities on issue for Victoria
at 30 June 2001

Table D9: Govt securities on issue for Vic at 30 June 2001

Table D10: Government securities on issue for Queensland
at 30 June 2001

Table D10: Govt securities on issue for Qld at 30 June 2001

Table D11: Government securities on issue for Western Australia at 30 June 2001

Table D11: Govt securities on issue for WA at 30 June 2001

.. less than $500.

Table D12: Government securities on issue for South Australia at 30 June 2001

Table D12: Govt securities on issue for SA at 30 June 2001

(a) Australian dollar equivalent at 30 June 2001 using exchange rate indicated in Appendix A.

Table D13: Government securities on issue for Tasmania at 30 June 2001

Table D13: Govt securities on issue for Tas at 30 June 2001

Table D13: Govt securities on issue for Tas at 30 June 2001

Table D14: Government securities on issue for the Northern Territory at 30 June 2001

Table D14: Govt securities on isse for the NT at 30 June 2001

 

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