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Part 3: Management and Accountability

Governance of the AOFM

The AOFM’s governance arrangements support delivery of its business objectives and are underpinned by a culture of risk awareness, accountability, and transparency. Key elements of the governance arrangements include:

  • strategic corporate and tactical business planning;
  • oversight by an independently chaired Audit Committee
  • enterprise‑wide risk management, business continuity planning, assurance and compliance activities;
  • performance monitoring frameworks; and
  • delegations, instructions and internal guidance regarding powers and duties to ensure adherence with relevant legislation, regulations, and policies.

Overview of accountabilities

The AOFM is part of the Treasury portfolio. It is accountable to the Treasurer and Secretary to the Treasury. As a listed entity under the PGPA Act, the AOFM’s CEO is an ‘Accountable Authority’ and bears responsibility for the management and performance of the AOFM with respect to implementation of debt management and investment strategies. This also extends to maintenance of accounts and records, management of risks, and compliance with legislation and Government policy.

The Secretary to the Treasury is responsible for advising the Treasurer on policy relating to debt management and investment. For operational efficiency, the AOFM CEO is delegated powers and authorisations by the Treasurer for debt creation and issuance, investment, and portfolio management.

The AOFM’s corporate plan, policies, and codes of conduct reflect the AOFM values; these underpin high standards of integrity and the accountability expected of staff. Activities are designed to meet the requirements of legislative and regulatory frameworks, as well as codes and practices generally expected of financial market participants.

The AOFM meets its accountability to the Secretary to the Treasury in part through annual (pre‑Budget) documentation of a debt portfolio management strategy focused on the outlook for issuance (in the context of the financing task), appropriate AGS market development aspirations (such as yield curve extensions and patterns for new maturities), planned cash portfolio management parameters (to manage liquidity risk), and the conduct of bond buyback programs. This strategy is formalised as part of the Budget process through an annual remit, with the Treasurer advised on the scope of planned borrowing on behalf of the Australian Government to support Budget forecasts.

Committees

Executive Group

An Executive Group (comprising the CEO and business unit heads) oversees guidance and discussion on corporate related matters. It also oversees annual development of strategic plans and tracks progress against performance targets, reviews the AOFM’s risk profile, sets the agency risk appetite, monitors financial performance and compliance, and builds organisational capability and capacity to support expected agency performance.

Audit Committee

The Audit Committee provides independent advice to the CEO on appropriateness of the AOFM’s governance, enterprise risk management, internal control, and financial and performance reporting arrangements. It receives periodic briefings on changes to business and risk profiles, oversees the AOFM’s assurance program, and considers reports and briefings from AOFM business units and internal auditors.

The responsibilities and functions of the Audit Committee are outlined in the Audit Committee Charter.

Key activities of the Committee during 2020–21 included:

  • advising on preparation and review of the AOFM’s financial statements;
  • considering developments in the AOFM’s risk profile and compliance performance, as reported through quarterly risk and assurance (including audit) reports;
  • reviewing adequacy of fraud control strategies and monitoring activities;
  • monitoring progress of implementation and administration of the ABSF and SFSF;
  • monitoring implementation of audit recommendations, and
  • reviewing reporting on performance obligations in line with PGPA Act requirements, including the approach to monitoring key performance indicators and their incorporation into the Annual Performance Statement.

The Audit Committee met four times during 2020-21 and conducted in camera sessions with internal auditors and external auditors during the year. Table 6 provides information about membership of the Audit Committee between 1 July 2020 and 30 June 2021.

 

Table 6: Audit Committee for 2020‑21

Members

Qualifications

Skills and Experience

Attendance

Remuneration(a)

Will Laurie, Independent Member,
Chair (b)

BEc

Grad.Dip. Applied Finance and Investment

30‑year career with Price Waterhouse and PricewaterhouseCoopers, including as Managing Partner, Canberra. 20 years’ experience chairing Commonwealth and ACT Government Audit Committees, including ANAO, Defence, Treasury, Attorney‑General’s and ACT Chief Ministers. Private sector board experience in retailing, property and not‑for‑profit education.

2/4

$9,718.55

Stephen Knight, Independent Member,
Chair (c)

BA, FAICD

35‑year executive career in finance industry across private and public sectors in a variety of senior roles including 10 years as CEO. Extensive experience across financial markets, government finance, investment banking, funds management and risk management. Non‑executive director roles covering ASX listed, non‑listed and government entities.

4/4

$20,571.06

Jan Harris, Independent Member

BEc (Hons)

An extensive career in the Australian Public Service over 30 years, including as Deputy Secretary of the Treasury. Experienced non‑executive director. Broad experience in policy development, governance and risk management.

4/4

$16,324.87

Don Cross, Independent Member

BA, MBA, FCA, CPA

Chair or member of several Audit Committees and sub-committees, and was a senior partner at KPMG and a lead partner for KPMG’s key strategic government accounts. Experience in government program delivery and reform, financial statement audit and internal audit for policy, regulatory and service delivery agencies. Professional memberships in accounting, fraud control, business, and auditing.

2/2

$13,361.80 (d)

Erin Martin, Chief Risk and Assurance Officer, AOFM

BComm, FCA

25‑year career in the Australian Public Service, including over 20 years in sovereign debt management. Experience spans accounting, audit, governance and risk management.

4/4

N/A (e)

(a)  Remuneration includes superannuation

(b)  Mr Laurie’s term as Chair ended on 31 December 2020

(c)   Mr Knight was appointed Chair on 1 January 2021

(d)  Mr Cross commenced in March 2021, and fees include attendance at an induction session

(e)  As an employee of the Australian Public Service, remuneration is not applicable

 

External observers at Audit Committee meetings included the ANAO and its outsourced provider (KPMG), and the AOFM’s internal auditor (PricewaterhouseCoopers). The AOFM CEO regularly attends meetings as an observer.

Other management committees

Cash Management Meeting

The Cash Management Meeting is held each week to review the near‑term outlook for liquidity risk (several months ahead) and track it against broader considerations in managing the Government’s cash portfolio. The main activities are: monitoring actual versus forecast revenue collections and outlays; frequent re‑evaluations of short to medium-term cash flow projections, including expected funding needs; and monitoring emerging risks to the cash portfolio profile. Prevailing financial market conditions are discussed, particularly during periods of high funding market volatility or recent abrupt changes to cash profiles. In periods of high weekly issuance rates the forward projected call on financial markets through debt issuance will also be of close interest.
The meeting is chaired by the CEO and attended by the Head of Funding and Liquidity and other front office staff.

Security Committee

A Security Committee meets periodically and oversights security management within the AOFM. Its membership comprises the CEO (as Chair), Chief Risk and Assurance Officer, Agency Security Advisor, and IT Security Advisor. The head of the Treasury Security Team is also invited to attend ex officio to assist security harmonisation.

Portfolio Strategy Meeting

At Portfolio Strategy Meetings (PSMs), the CEO is advised on operational debt portfolio and financial risk management issues, financial market conditions, deal execution and other issues of strategic interest to the AOFM’s (market related) operating environment. The forum focuses on medium to longer‑term trends and risks. Membership during 2020-21 included the CEO, Head of Portfolio Strategy and Research, Head of Funding and Liquidity, Head of Investor Relations, and Head of Global Markets and Business Strategy, with other senior staff holding relevant functional responsibilities invited as contributors and observers. Meetings are generally convened on a quarterly basis.

Management of fraud risk

The AOFM has minimal appetite for fraud and has taken comprehensive steps to prevent its occurrence. This includes application of a fraud control plan, which covers processes and systems to ensure regular identification, assessment, and treatment of fraud risk vulnerabilities. Mandatory annual fraud awareness training is provided to all staff, including new staff on induction. An internal audit in November 2020 determined the AOFM approach to managing fraud risk complies with the PGPA Act and Rule and the Commonwealth Fraud Control Framework.

The AOFM reports annually to the Treasurer and the Australian Institute of Criminology. For 2020–21, the AOFM did not identify any instances of fraud or suspected fraud.

Enterprise risk

Risk management is integral to the AOFM’s activities and is the responsibility of all staff. The Executive Group fosters a strong risk‑aware culture and supports staff in making appropriate risk‑informed decisions. The risk and assurance functions guide staff on the design, implementation and effective operation of appropriate risk treatments and controls.

An enterprise risk management framework provides active and transparent management of uncertainty (threats and opportunities). Key reflection points are provided quarterly (at Executive Group meetings) and as an established feature of annual corporate planning activities. Risk assessments support strategy development and decisions on operational activities, including forthcoming significant changes. The enterprise risk management framework captures information to identify emerging matters of note and key risks. This approach is used for risk monitoring at the enterprise level (‘top‑down’, outward focused) and business unit level (‘bottom‑up’, inward focused). Staff understand that risks are to be managed in line with the AOFM risk appetite and tolerance statements. An internal audit in November 2020 determined the AOFM risk management approach to be well-understood by staff, integrated into business processes, and aligned with the Commonwealth Risk Management Policy.

The AOFM’s enterprise risks are classified into three broad categories:

  • strategic - opportunities and exposures that impact the AOFM’s medium to long-term objectives. These risks are monitored and reviewed by the Executive Group on a semi‑annual basis, with a comprehensive review of the context in which the AOFM operates undertaken as part of the annual corporate planning process
  • portfolio - impact on portfolio management, investment, and debt issuance activities. These risks are managed pursuant to the AOFM’s financial risk management framework and reviewed at least quarterly, and
  • operational - relate to business processes and corporate activities of the AOFM. They deal with matters of compliance, the availability, integrity and/or actions of staff, service providers, systems, and internal processes. These risks are reviewed at least quarterly.

The key risks to the AOFM achieving its purpose and objectives arise from the uncertainty of external factors, or implementation of major new business initiatives. Key entity risks under management during the year included:

  • the potential negative impact of market trends or disruptive technologies on the AGS issuance program
  • ongoing management of actions and messaging by the AOFM to maintain investor confidence in the AGS market
  • the design and operation of the ABSF and SFSF to align with policy objectives, and
  • potential disruptions to third party suppliers or failure of internal systems and controls.

Business continuity arrangements

Business continuity management is integral to the AOFM’s risk management arrangements, especially given its critical operational nature. The AOFM business continuity arrangements include multiple levels of redundancy if day‑to‑day business systems or office accommodation are not accessible, or when AOFM staff are not available to perform key tasks. The most time critical functions covered by the plan relate to issuance tenders and settlements and AGS payment obligations (coupons and maturity redemptions), and budget estimates.

Business continuity plans are regularly updated and tested and this happened again in 2020–21. These arrangements are supplemented by a crisis management framework to enhance business resiliency.

Assurance

The AOFM enterprise risk management framework is complemented by an assurance framework used to monitor the operation and effectiveness of key internal risk controls. This framework is modelled on best practice industry standards.

The AOFM’s compliance with external obligations, internal controls, and its policies and business procedures are monitored through a co‑sourced arrangement, with in‑house assurance and compliance activities supplemented by independent internal audit services. In 2020‑21, assurance and compliance activities provided structured assurance on the effectiveness and efficiency of the AOFM’s governance arrangements, risk management, and internal controls. Assurance targets for the year were endorsed by the Audit Committee as part of setting the annual assurance strategy.

Information and output from enterprise risk management and assurance frameworks support the CEO’s obligations under section 16 of the PGPA Act.

Internal audit

The AOFM internal audit service provider is PricewaterhouseCoopers. Internal audit coverage is determined according to professional internal audit standards, with due regard to AOFM business and risk contexts. The Audit Committee endorses the internal audit strategy for CEO approval.

The internal auditor completed four reviews in 2020-21:

  • a review of the design and implementation of the ABSF;
  • a framework review of enterprise risk management and fraud control;
  • project assurance for the AOFM treasury system upgrade; and
  • a performance and compliance review on syndicated issuance.

One review remains outstanding from the 2020-21 strategic internal audit plan, and was in progress on 30 June 2021:

  • a review of the design and implementation of the SFSF.

The internal auditor also completed a management-initiated review: assessing the reasonableness of the accounting policies and financial statement disclosures for the ABSF and SFSF.

In its annual report on internal controls, the internal auditor concluded that AOFM continues to have a mature control environment (demonstrated by the nature and type of findings reported). Audit recommendations were aimed at enhancing efficiency of the current control environment or clarifying current settings. At 30 June 2021, two internal audit recommendations remained outstanding and are being addressed in accordance with agreed timelines.

External reports on agency operations

There were no reports in 2020‑21 on the operations of the AOFM by the Auditor‑General (other than the report on financial statements), a Parliamentary committee, or the Commonwealth Ombudsman.

Management of human resources

Workforce planning

The AOFM Workforce Plan 2019‑2023 aims to maintain organisational resilience and guide succession planning and development of staff.

The impact of COVID‑19 has meant actions planned for 2020 have been postponed to late 2021.

Enterprise Agreement

The AOFM Enterprise Agreement 2015‑2018 was approved by the Fair Work Commission on 17 July 2015 and continues to apply. The CEO has authorised adjustments to AOFM pay rates via two determinations under subsection 24(1) of the Public Service Act 1999; one in November 2015, and another in July 2018. Pay rises due in July 2020 were delayed by six months as result of the Public Service (Terms and Conditions of Employment) (General wage increase deferrals during the COVID-19 pandemic) Determination 2020 made by the Public Service Minister.

Training and development

In 2020-21, 48 per cent of staff participated in external training largely through on-line and virtual delivery modes. This included individual coaching, leadership programmes, and financial markets related courses. The AOFM also supported individual professional memberships and a variety of internal seminars. Payments to external providers for training and development during the period averaged $1,955 per full time equivalent employee (FTE).

Ninety one per cent of AOFM staff have degree qualifications, with 30 per cent holding higher degrees and 30 per cent holding double degrees. Thirty per cent have professional qualifications related to the technical aspects of their role with the AOFM.

The AOFM workforce

At 30 June 2021, AOFM employed 45.3 FTE. Table 7 shows the paid head count of the workforce by broadband classification as at the beginning and end of 2020-21.

Table 7: Operative and paid inoperative staff at 30 June 2021 and 2020

 

Ongoing

Non‑ongoing

 

 

Full‑time

Part‑time

Full‑time

Part‑time

 

Classification

Male

Female

Male

Female

Male

Female

Male

Female

Total

2021

 

 

 

 

 

 

 

 

 

AOFM1

-

1

-

1

-

-

-

-

2

AOFM2

17

9

2

2

4

1

-

-

34

AOFM3

6

2

-

-

-

-

-

-

8

AOFM4

1

-

-

-

-

-

-

-

1

CEO

1

-

-

-

-

-

-

-

1

Total

25

12

2

3

4

1

 

 

47

2020

 

 

 

 

 

 

 

 

 

AOFM1

1

1

2

AOFM2

18

6

4

3

1

32

AOFM3

5

2

1

2

10

AOFM4

1

1

CEO

1

1

Total

25

9

1

5

5

1

46

Note: AOFM broadband classifications are linked to Australian Public Service classifications as follows: AOFM1 corresponds to APS1 to APS4, AOFM2 corresponds to APS5 to EL1, AOFM3 corresponds to EL2 and AOFM4 covers higher level EL2.

During 2020-21 two employees were seconded to other agencies.

One employee was seconded to the National Drought and North Queensland Flood Response and Recovery Agency with an arrangement extending outside this reporting period. The arrangement commenced early December 2019 and ran through the end of September 2020.

The other was seconded for six months to the Australian National Audit Office from April 2021.

Most staff are based in Canberra including those on the secondments noted above. Two employees are based in Sydney.

Employees who identify as indigenous

The AOFM does not have any staff who identify as indigenous.

Changes to senior management

During 2020‑21 two vacant positions in the AOFM Executive Group were filled through merit processes. The Head of Portfolio Strategy and Research was filled via engagement and the Chief Risk and Assurance Officer via internal promotion.

Other staffing changes

Seven ongoing employees were recruited during 2020-21. Three of these recruits were non-ongoing employees who secured ongoing positions with AOFM and although their non-ongoing arrangements ceased, they are not included in the staff departures below. Four non-ongoing employees were recruited during 2020–21. One employee temporarily moved to AOFM last financial year was moved permanently to AOFM in 2020-21. Another employee was moved on a temporary basis to AOFM in 2020‑21 and remained employed at the end of the reporting period.

Seven ongoing staff left during the year, along with one non‑ongoing employee.

Staff departures represented 17.5 per cent of average staffing levels in 2020-21 (14.3 per cent in 2019–20).

The retention rate for 2019-20 was 83.0 per cent, with an average annual retention rate of 90.1 per cent over the last five years.

Employment arrangements

All non‑SES staff had terms and conditions set during 2019-20 by the AOFM Enterprise Agreement 2015‑2018 and two all‑staff determinations made under subsection 24(1) of the Public Service Act 1999 by the CEO.

The CEO has his terms and conditions set by the Secretary through a determination made under subsection 24(1) of the Public Service Act 1999.

Remuneration

Pay rates at 30 June 2021 are shown in Table 8. These rates were set in accordance with the AOFM Enterprise Agreement 2015‑2018 and determinations made under subsection 24(1) of the Public Service Act 1999.

 

Table 8: AOFM salary ranges

 

30 June 2021

 

Band low

Band high

Classification

$

$

AOFM1

44,949

82,145

AOFM2

79,943

162,946

AOFM3

189,951

237,439

AOFM4

255,476

319,345

Remuneration within the range for the classification depends on individual performance ratings. Performance appraisals balance what is achieved (outputs) with how those results are obtained (behaviours). Performance‑linked bonuses are not available.

Non‑salary benefits provided to employees principally comprise superannuation and support for professional development through study assistance, short‑courses, and payment of job‑relevant professional society membership fees. A mobile phone, or other mobile device is provided where there is an identified business need. Remuneration for key management personnel is reported in Note A of Part 4: Financial Statements.

Disability reporting mechanism

The Australian Public Service Disability Employment Strategy 2020-25 is Australia’s overarching framework for disability reform. It acts to ensure principles underpinning the United Nations Convention on the Rights of Persons with Disabilities are incorporated into Australia’s policies and programs that affect people with disability, their families, and carers.

All levels of Government will continue to be held accountable for the implementation of the strategy through biennial progress reporting to the Council of Australian Governments.

Disability reporting is included the Australian Public Service Commission’s State of the Service reports and the APS Statistical Bulletin. These reports are available at www.apsc.gov.au.

Work health and safety

Monitoring the emergence of notable work health and safety issues is a standing agenda item at Executive Group meetings.

The AOFM has one Health and Safety Representative who assists staff in accordance with the Work Health and Safety Act 2011.

All staff were encouraged to get flu vaccinations in early 2021. Counselling and related support is available under an Employee Assistance Programme provided by Benestar Group. Additional online resources are provided to all staff to assist with safety, health, and wellbeing promotion.

In response to the COVID‑19 pandemic, the AOFM provided weekly newsletters to all staff regarding the pandemic from late October 2020 to the end of the reporting period. All staff have transitioned to using secure laptops that support remote working. A high standard of personal hygiene and social distancing is required in the office, supported by supplies of hand sanitiser, cleaning products, and disposable gloves and face masks. The balance of home-based and office work has changed over the period depending on local circumstances (e.g. Sydney staff have been working from home since early June 2021). Access to offices by external parties has also varied on a similar basis. No AOFM staff were diagnosed as COVID‑19 positive in 2020‑21.

There were no compensable injury claims or notifiable incidents in 2020–21.

There have been no notices or investigations under Part 10 of the Work Health and Safety Act 2011.

Reportable Consultancy Contracts

During 2020‑21, five new reportable consultancy contracts were entered into with total actual expenditure of $137,786. In addition four reportable consultancy contracts were active during 2020-21 with a total actual expenditure of $1,235,255. This is summarised in Table 9.

Annual reports contain information about actual expenditure on reportable consultancy contracts for consultancies. Information on the value of reportable consultancy contracts and consultancies is available on the AusTender website at: www.tenders.gov.au.

The AOFM engages consultants where it requires specialist expertise or when independent research, review or assessment is required.

Prior to engaging consultants, the AOFM takes into account the skills, experience and resources required for the task, the skills available internally, and the cost‑effectiveness of engaging external expertise. The decision to engage a consultant is made in accordance with the PGPA Act and related rules, including the Commonwealth Procurement Rules (CPRs), and relevant internal policies.

Table 9: Consultancy contracts

 

2020-21

Number of consultancy contracts

 

New contracts

5

Ongoing contracts

4

Expenditure (including GST)

 

New contracts

 $137,786

Ongoing contracts

$1,235,255

 

Reportable non‑consultancy contracts

During 2020-21, 43 new reportable non‑consultancy contracts were entered into with total actual expenditure of $88,607,683. In addition, 29 reportable non‑consultancy contracts were active during 2020-21 with a total actual expenditure of $3,195,350. This is summarised in Table 11.

Annual reports contain information about actual expenditure on reportable contracts. Information on the value of reportable contracts is available on the AusTender website at: www.tenders.gov.au.

Table 11: Non‑consultancy contracts

 

2020-21

Number of consultancy contracts

 

New contracts

43

Ongoing contracts

29

Expenditure (including GST)

 

New contracts

 $88,607,683

Ongoing contracts

 $3,195,350

Additional information

Table 12 lists the names of the organisations who received the five largest shares of the entity’s total expenditure on non‑consultancy contracts during the period, and the name of any organisation that, during the period, received one or more amounts under one or more non‑consultancy contracts equal in total to at least 5% of AOFM’s total expenditure on non‑consultancy contracts during the period, and the total amount the organisation received.

All payments made to suppliers identified in the below table pertain to the syndicated issuance of Australian Government Securities in 2020-21

Table 12: Additional information for non‑consultancy contracts

Name of organisation

 Amount received

% of total expenditure

UBS AG

 $ 16,005,000

17%

Westpac Banking Corporation

 $ 12,375,000

13%

J.P. Morgan Securities Australia Limited

 $ 12,182,500

13%

Deutsche Bank AG Australia

 $ 11,137,500

12%

Commonwealth Bank of Australia

 $ 10,945,000

12%

Merrill Lynch Markets (Australia) Pty Limited

 $   8,552,500

9%

Australia and New Zealand Banking Group Limited

 $   8,442,500

9%

Citi Global markets Australia Pty Limited

 $   4,620,000

5%

 

Purchasing

AOFM purchasing activities are consistent with, and reflect the principles of, the Commonwealth Procurement Rules (CPRs). These are applied to AOFM activities through the Accountable Authority Instructions and supporting internal policies and procedures.

The AOFM Procurement Plan is published annually and available from the AusTender website: www.tenders.gov.au. The plan is updated when circumstances change.

Procurement initiatives to support small business

The AOFM supports small business participation in the Commonwealth Government procurement market. Small and Medium Enterprises (SME) and Small Enterprise participation statistics are available on the Department of Finance’s website.

Consistent with paragraph 5.5 of the CPRs, the AOFM’s procurement practices provide appropriate opportunities for SMEs to compete and ensure SMEs are not unfairly discriminated against.

The AOFM recognises the importance of ensuring small businesses are paid on time. The results of the Survey of Australian Government Payments to Small Business are available on the Treasury’s website: www.treasury.gov.au.

ANAO access clauses and exempt contracts

Six contracts in excess of $100,000 were entered into during the reporting period that did not provide for the Auditor General to have access to the contractor’s premises. These contracts related to appointment of managers for syndicated issuance of Australian Government Securities. All contracts are reported on the AusTender website.

The first contract was for syndicated issuance of $17 billion of Treasury Bonds (a November 2025 maturity) in July 2020. The AOFM appointed JP Morgan Securities Australia Limited, Merrill Lynch Markets (Australia) Pty Limited, Westpac Banking Corporation and UBS AG Australia to act as managers for the issuance.

The second contract was for syndicated issuance of $15 billion of Treasury Bonds (a June 2051 maturity) in August 2020. The AOFM appointed Australia and New Zealand Banking Corporation Group Limited, Commonwealth Bank of Australia, Deutsche Bank AG Australia, JP Morgan Securities Australia Limited and UBS AG Australia to act as managers for the issuance.

The third contract was for syndicated issuance of $21 billion of Treasury Bonds (a November 2031 maturity) in August 2020. The AOFM appointed Citi Global Markets Australia Pty Limited, Commonwealth Bank of Australia, Westpac Banking Corporation and UBS AG Australia to act as managers for the issuance.

The fourth contract was for syndicated issuance of $25 billion of Treasury Bonds (a September 2026 maturity) in September 2020. The AOFM appointed Australia and New Zealand Banking Corporation Group Limited, Deutsche Bank AG Australia, JP Morgan Securities Australia Limited and Merrill Lynch Markets (Australia) Pty Limited to act as managers for the issuance.

The fifth contract was for syndicated issuance of $6 billion of Treasury Bonds (a May 2041 maturity) in November 2020. The AOFM appointed National Australia Bank Limited, Toronto Dominion Australia Limited, Westpac Banking Corporation and UBS AG Australia to act as managers for the issuance.

The sixth contract was for syndicated issuance of $14 billion of Treasury Bonds (a November 2032 maturity) in April 2021. The AOFM appointed Commonwealth Bank of Australia, Deutsche Bank AG Australia, Westpac Banking Corporation and UBS AG Australia to act as managers for the issuance.

ANAO access clauses were not included in the contracts as the AOFM maintains all relevant information in relation to the contracted services. Under these contracts, $86.9 million (including GST) was paid.

No contract or standing offer has been exempted from being published in AusTender on the basis it would disclose exempt matters under the Freedom of Information Act 1982.