Part 5: Other Information
Agency financial performance
The AOFM recorded an operating surplus on agency activities of $1.50 million for the 2018–19 financial year, comprising total revenue of $12.33 million and expenses of $10.83 million. The surplus in 2018–19 was due to lower than anticipated operating costs.
As at 30 June 2019, the AOFM was in a sound net worth and liquidity position, with net assets of $24.09 million, represented by assets of $27.65 million and liabilities of $3.56 million.
As at 30 June 2019, the AOFM had unspent appropriations totalling $24.93 million. Unspent appropriations are available to settle liabilities as and when they fall due and for future asset replacements and improvements.
Agency resource statement and resources for outcomes
Table 9: Expenses and resources for Outcome 1
|
Outcome 1: The advancement of macroeconomic growth and stability and the effective operation of financial markets, through issuing debt, investing in financial assets and managing debt, investments and cash for the Australian Government |
Budget(a) 2018-19 $'000 |
Actual Expenses 2018-19 $'000 |
Variation
$'000 |
|---|---|---|---|
|
Program1.1: Australian Office of Financial Management |
|||
|
Departmental expenses |
|||
|
Departmental appropriation and other receipts |
10,344 |
10,098 |
246 |
|
Expenses not requiring appropriation in the |
820 |
732 |
88 |
|
Administered expenses before re-measurements |
|||
|
Expenses not requiring appropriation |
774,217 |
895,566 |
(121,349) |
|
Special appropriations expenses |
|||
|
Commonwealth Inscribed Stock Act 1911 |
17,153,897 |
17,099,879 |
54,018 |
|
Financial Agreement Act 1994 |
8 |
8 |
- |
|
Total expenses for program 1.1 |
17,939,286 |
18,006,283 |
(66,997) |
|
2018-19 |
2018-19 |
|
|
|
Average staffing level (number) |
40 |
37 |
3 |
(a) The Budget figure for 2018–19 is the estimated actual 2018–19 expenses, reported in Table 2.1 of the 2019–20 Portfolio Budget Statements.
Table 10: AOFM resource statement
|
|
Actual available appropriation 2018-19 $'000 |
Payments made 2018-19 $'000 |
Appropriations extinguished 2018-19 $'000 |
= Balance 2018-19 $'000 |
|
|---|---|---|---|---|---|
|
Ordinary annual services |
|||||
|
Departmental appropriation(a)(b) |
36,979 |
9,419 |
3,038 |
24,522 |
|
|
Receipts from other sources (s74)(c) |
481 |
- |
481 |
||
|
Total departmental |
37,460 |
9,419 |
3,038 |
25,003 |
|
|
Administered expenses |
|||||
|
Total administered |
- |
- |
- |
- |
|
|
Total ordinary annual services |
A |
37,460 |
9,419 |
3,038 |
25,003 |
|
Other services |
|||||
|
Departmental non-operating |
- |
- |
- |
- |
|
|
Total other services |
B |
- |
- |
- |
- |
|
Total available annual appropriations (A+B) |
37,460 |
9,419 |
3,038 |
25,003 |
|
|
Special appropriations - operating |
|||||
|
Commonwealth Inscribed Stock Act 1911 |
21,462,472 |
21,462,472 |
- |
- |
|
|
Financial Agreement Act 1994 |
8 |
8 |
- |
- |
|
|
Subtotal |
21,462,480 |
21,462,480 |
- |
- |
|
|
Special appropriations - investing and financing |
|||||
|
Commonwealth Inscribed Stock Act 1911 |
65,565,094 |
65,565,094 |
- |
- |
|
|
Public Governance, Performance and |
|||||
|
Accountability Act 2013 |
461,350,000 |
461,350,000 |
- |
- |
|
|
Subtotal |
526,915,094 |
526,915,094 |
- |
- |
|
|
Total special appropriations |
C |
548,377,574 |
548,377,574 |
- |
- |
|
Total appropriations excluding special accounts (A + B + C) |
548,415,034 |
548,386,993 |
3,038 |
25,003 |
|
|
Special Accounts |
|||||
|
Debt Retirement Reserve Trust Account |
42 |
- |
- |
42 |
|
|
Total Special Account |
D |
42 |
- |
- |
42 |
|
Total net resourcing and payments for AOFM |
|||||
|
(A + B + C + D) |
548,415,076 |
548,386,993 |
3,038 |
25,045 |
|
(a) Actual available appropriation comprises Appropriation Act (No.1) 2018–19 plus carried forward appropriation balances as at 1 July 2018.
(b) Includes capital budget appropriation for 2018–19 of $0.710 million.
(c) Receipts received under section 74 of the PGPA Act.
Grant programs
Under the Financial Agreement Act 1994, the Commonwealth is required to contribute to the Debt Retirement Reserve Trust Account to assist the Northern Territory and State governments to redeem maturing debt on allocation to them. Monies standing to the credit of this Account are held for the purposes prescribed by the Financial Agreement Act 1994.
The contributions made by the Commonwealth are accounted for as grants in the AOFM’s financial statements.
Advertising and market research
The AOFM incurred expenditure of $5,247 in advertising to promote the Australian Government Securities market to investors.
The AOFM incurred expenditure of $14,832 during 2018–19 to media advertising organisations for staff recruitment.
Freedom of information
Agencies subject to the Freedom of Information Act 1982 (FOI Act) are required to publish information to the public as part of the Information Publication Scheme (IPS). Freedom of information (FOI) matters in respect of the AOFM are handled by the Treasury and all documents disclosed in response to FOI requests (other than personal or business information that would be unreasonable to publish) are published on the FOI Disclosure Log of the Treasury website. The Treasury reports on AOFM’s FOI requests in an annual submission to the Office of the Australian Information Commissioner (OAIC) for inclusion in the OAIC’s annual report. In 2018–19, the AOFM received no FOI requests.
An agency plan showing what information is published in accordance with the IPS requirements, including material relevant to the AOFM, is accessible from the AOFM’s website at https://www.aofm.gov.au/about/access-information/information-publication-scheme
Ecologically sustainable development
The AOFM’s operations have an impact on the environment typical of office operations generally. Facilities management services are provided to the AOFM by the Treasury under a Memorandum of Understanding, and by Broadspectrum under a whole of Australian Government arrangement administered by the Department of Finance. Broadspectrum are obligated to comply with environmental laws and Commonwealth environmental policies and to report to the Department of Finance regarding their compliance. Information on the environmental impact of the services provided to AOFM by the Treasury is published in the Treasury’s Annual Report.
Management structure of the AOFM’s debt and assets
The assets and liabilities managed by the AOFM and held on its administered balance sheet in 2018–19 were AGS (Treasury Bonds, Treasury Indexed Bonds and Treasury Notes), term deposits placed with the RBA and loans to the States under the various Commonwealth-State Housing Agreements.
For financial and risk management purposes, these assets and liabilities are allocated into different financial portfolios: long-term debt; cash management; and housing advances. This allocation recognises the different objectives, risks and management approaches required in each area.
The long-term debt portfolio includes all AGS, other than Treasury Notes, which are issued for cash management purposes.
The cash management portfolio includes Treasury Notes and assets which are held to manage within-year variability in the Australian Government’s financing requirements. This portfolio is used to fund differences in the timing of Government payments and receipts, as well as providing for contingency liquidity in the event of an unforeseen call on cash requirements separate to planned needs (such as reduced issuance capability during a major market dislocation event).
The housing advances portfolio comprises loans for public housing made to the states and territories. These loans, which were not evidenced by the issue of securities, were made under previous Commonwealth-state financing arrangements. The last of these loans is due to mature on 30 June 2042.
AGS issuance for 2018-19
Table 11: Treasury Bond tender results — 2018–19
|
Tender date |
Coupon and maturity |
Face value amount allocated ($m) |
Weighted average issue yield (%) |
Spread to secondary market yield (basis points) |
Range of bids accepted (basis points) |
Times covered |
|---|---|---|---|---|---|---|
|
2-Jul-18 |
2.25% 21-Nov-2022 |
300 |
2.2034 |
-0.80 |
0.25 |
7.68 |
|
4-Jul-18 |
2.75% 21-Nov-2029 |
800 |
2.6094 |
-0.43 |
0.25 |
3.46 |
|
1-Aug-18 |
2.75% 21-Nov-2029 |
1,000 |
2.7136 |
-0.39 |
0.50 |
2.88 |
|
10-Aug-18 |
2.25% 21-Nov-2022 |
1,000 |
2.1839 |
-0.48 |
0.50 |
4.67 |
|
13-Aug-18 |
3.75% 21-Apr-2037 |
400 |
2.8670 |
-0.40 |
0.50 |
2.15 |
|
15-Aug-18 |
2.50%21-May-2030 |
1,000 |
2.6348 |
-0.08 |
0.75 |
3.18 |
|
22-Aug-18 |
2.25% 21-Nov-2022 |
1,000 |
2.1415 |
-0.45 |
0.50 |
4.62 |
|
27-Aug-18 |
2.25% 21-May-2028 |
500 |
2.5482 |
-0.26 |
0.50 |
5.14 |
|
29-Aug-18 |
2.75% 21-Nov-2029 |
1,000 |
2.6052 |
-0.06 |
0.75 |
2.70 |
|
7-Sep-18 |
2.50%21-May-2030 |
1,000 |
2.5859 |
-0.33 |
0.50 |
3.30 |
|
10-Sep-18 |
2.25% 21-Nov-2022 |
600 |
2.1168 |
-0.41 |
0.50 |
4.68 |
|
12-Sep-18 |
2.25% 21-May-2028 |
1,000 |
2.5890 |
-0.43 |
0.50 |
3.20 |
|
24-Sep-18 |
2.75% 21-Nov-2029 |
800 |
2.7220 |
-0.42 |
0.75 |
2.84 |
|
26-Sep-18 |
2.50%21-May-2030 |
1,500 |
2.8035 |
-0.05 |
1.00 |
2.47 |
|
3-Oct-18 |
3.25% 21-Apr-2029 |
500 |
2.6465 |
-0.35 |
0.25 |
4.97 |
|
5-Oct-18 |
2.25% 21-Nov-2022 |
500 |
2.1725 |
-0.61 |
0.00 |
5.90 |
|
8-Oct-18 |
2.75% 21 Nov-2028 |
500 |
2.7698 |
-0.62 |
0.75 |
4.94 |
|
10-Oct-18 |
2.50%21-May-2030 |
1,000 |
2.7996 |
-0.41 |
0.25 |
3.24 |
|
17-Oct-18 |
2.75% 21-Nov-2029 |
1,000 |
2.7298 |
-0.29 |
0.25 |
3.10 |
|
22-Oct-18 |
2.25% 21-Nov-2022 |
500 |
2.1921 |
-0.39 |
0.25 |
6.45 |
|
24-Oct-18 |
2.50%21-May-2030 |
1,000 |
2.7190 |
-0.45 |
0.50 |
4.04 |
|
2-Nov-18 |
3.25% 21-Apr-2029 |
1,000 |
2.6631 |
-0.24 |
0.50 |
3.00 |
|
5-Nov-18 |
3.00% 21-Mar-2047 |
500 |
3.2330 |
0.10 |
1.25 |
2.62 |
|
7-Nov-18 |
2.75% 21 Nov-2028 |
1,000 |
2.7387 |
-0.38 |
0.50 |
2.99 |
|
14-Nov-18 |
2.75% 21-Nov-2029 |
1,000 |
2.7366 |
-0.34 |
0.50 |
3.91 |
|
19-Nov-18 |
3.25% 21-Apr-2029 |
1,000 |
2.6596 |
-0.17 |
0.50 |
2.57 |
|
21-Nov-18 |
2.50%21-May-2030 |
1,000 |
2.7486 |
-0.34 |
0.50 |
3.31 |
|
26-Nov-18 |
2.75% 21 Nov-2028 |
600 |
2.6418 |
-0.35 |
0.25 |
4.66 |
|
28-Nov-18 |
2.25% 21-Nov-2022 |
1,000 |
2.1794 |
-0.45 |
0.50 |
4.09 |
|
5-Dec-18 |
2.75% 21-Nov-2029 |
1,000 |
2.5399 |
-0.41 |
0.75 |
2.51 |
|
10-Dec-18 |
3.25% 21-Apr-2029 |
700 |
2.4121 |
-0.27 |
0.25 |
2.75 |
|
12-Dec-18 |
2.50%21-May-2030 |
1,000 |
2.4958 |
0.21 |
0.50 |
2.83 |
|
14-Jan-19 |
2.50%21-May-2030 |
1,000 |
2.3296 |
0.26 |
0.50 |
2.93 |
|
21-Jan-19 |
2.75% 21-Apr-2024 |
700 |
1.9831 |
-0.16 |
0.75 |
3.77 |
|
23-Jan-19 |
2.75% 21-Nov-2029 |
900 |
2.2988 |
-0.09 |
0.50 |
2.70 |
|
1-Feb-19 |
3.75% 21-Apr-2037 |
400 |
2.5517 |
0.79 |
0.75 |
2.60 |
|
4-Feb-19 |
2.25% 21-May-2028 |
400 |
2.2256 |
-0.27 |
0.50 |
3.16 |
|
6-Feb-19 |
2.50%21-May-2030 |
900 |
2.2814 |
-0.06 |
0.25 |
3.13 |
|
13-Feb-19 |
2.75% 21-Nov-2029 |
900 |
2.1564 |
-0.06 |
0.50 |
2.98 |
|
18-Feb-19 |
2.75% 21-Jun-2035 |
400 |
2.3978 |
-0.84 |
1.00 |
2.44 |
|
20-Feb-19 |
2.50%21-May-2030 |
900 |
2.1472 |
-0.20 |
0.50 |
3.39 |
|
25-Feb-19 |
3.25% 21-Jun-2039 |
400 |
2.5125 |
-0.37 |
0.50 |
2.66 |
|
27-Feb-19 |
3.25% 21-Apr-2029 |
500 |
2.0855 |
0.13 |
0.75 |
4.82 |
|
4-Mar-19 |
5.50% 21-Apr-2023 |
400 |
1.7167 |
-0.52 |
0.25 |
6.05 |
|
8-Mar-19 |
2.50%21-May-2030 |
900 |
2.0677 |
-0.20 |
0.50 |
3.41 |
|
18-Mar-19 |
3.25% 21-Apr-2029 |
600 |
1.9692 |
-0.26 |
0.25 |
4.13 |
|
20-Mar-19 |
2.50%21-May-2030 |
900 |
1.9459 |
-0.16 |
0.50 |
3.03 |
|
25-Mar-19 |
2.75% 21-Apr-2024 |
500 |
1.4465 |
-0.52 |
0.25 |
5.61 |
|
27-Mar-19 |
2.75% 21-Nov-2029 |
900 |
1.8158 |
-0.04 |
0.50 |
2.81 |
|
1-Apr-19 |
5.50% 21-Apr-2023 |
700 |
1.4064 |
-0.27 |
0.25 |
3.99 |
|
5-Apr-19 |
2.50%21-May-2030 |
900 |
1.9247 |
-0.16 |
0.25 |
3.03 |
|
8-Apr-19 |
2.75% 21-Jun-2035 |
400 |
2.1445 |
-0.20 |
0.25 |
3.22 |
|
10-Apr-19 |
2.75% 21-Nov-2029 |
900 |
1.8864 |
-0.11 |
0.50 |
2.91 |
|
15-Apr-19 |
2.50%21-May-2030 |
800 |
1.9783 |
-0.02 |
0.50 |
3.42 |
|
29-Apr-19 |
3.25% 21-Jun-2039 |
300 |
2.2240 |
1.02 |
1.00 |
2.30 |
|
1-May-19 |
2.50%21-May-2030 |
900 |
1.8222 |
-0.18 |
0.25 |
3.17 |
|
8-May-19 |
2.75% 21-Nov-2029 |
900 |
1.7652 |
-0.10 |
0.50 |
3.52 |
|
13-May-19 |
2.50%21-May-2030 |
500 |
1.7478 |
-0.31 |
0.50 |
3.76 |
|
15-May-19 |
2.75% 21-Apr-2024 |
900 |
1.3028 |
-0.49 |
0.75 |
2.84 |
|
29-May-19 |
1.50% 21-Jun-2031 |
3,000 |
1.6073 |
1.25 |
3.59 |
|
|
5-Jun-19 |
2.50%21-May-2030 |
900 |
1.5477 |
-0.12 |
0.50 |
2.67 |
|
19-Jun-19 |
1.50% 21-Jun-2031 |
2,000 |
1.4307 |
0.02 |
0.75 |
2.43 |
|
Average over year to June 2019 |
-0.23 |
0.52 |
3.57 |
|||
|
Average over 3 years to June 2019 |
-0.39 |
0.57 |
3.80 |
|||
|
Average over 10 years to June 2019 |
-0.29 |
0.82 |
3.62 |
|||
Table 12: Treasury Bond syndication results — 2018–19
|
Syndication date |
Coupon and maturity |
Face value amount allocated ($m) |
Issue yield (%) |
Joint Lead Managers |
|---|---|---|---|---|
|
17-Jul-18 |
2.75% |
3,600 |
3.090 |
Commonwealth Bank of Australia, TD Securities, UBS AG Australia Branch and Westpac Institutional Bank |
Table 13: Treasury Bond buyback tender results — 2018–19
|
Tender date
|
Coupon and maturity
|
Face value amount repurchased ($m) |
Weighted average accepted yield (%) |
Spread to secondary market yield (basis points) |
Range of offers accepted (basis points) |
Times covered
|
|---|---|---|---|---|---|---|
|
2-Jul-18 |
2.75% 21-Oct-2019 |
236 |
1.9528 |
0.75 |
1.25 |
4.55 |
|
4.50% 15-Apr-2020 |
64 |
1.9806 |
0.43 |
0.50 |
||
|
13-Aug-18 |
2.75% 21-Oct-2019 |
350 |
1.9624 |
0.99 |
0.50 |
4.83 |
|
4.50% 15-Apr-2020 |
50 |
1.9675 |
0.87 |
0.00 |
||
|
27-Aug-18 |
2.75% 21-Oct-2019 |
325 |
1.9671 |
0.71 |
0.50 |
3.15 |
|
4.50% 15-Apr-2020 |
175 |
1.9731 |
0.93 |
0.50 |
||
|
10-Sep-18 |
2.75% 21-Oct-2019 |
489 |
1.9834 |
0.34 |
0.75 |
3.50 |
|
4.50% 15-Apr-2020 |
111 |
1.9936 |
0.28 |
0.25 |
||
|
24-Sep-18 |
2.75% 21-Oct-2019 |
310 |
1.9857 |
0.69 |
1.00 |
2.46 |
|
4.50% 15-Apr-2020 |
490 |
2.0344 |
1.31 |
2.00 |
||
|
8-Oct-18 |
2.75% 21-Oct-2019 |
400 |
1.9050 |
1.34 |
0.00 |
4.16 |
|
1.75% 21-Nov-2020 |
100 |
2.0108 |
0.33 |
0.25 |
||
|
22-Oct-18 |
2.75% 21-Oct-2019 |
400 |
1.9038 |
0.38 |
0.25 |
5.02 |
|
1.75% 21-Nov-2020 |
100 |
2.0281 |
0.43 |
0.50 |
||
|
5-Nov-18 |
4.50% 15-Apr-2020 |
100 |
1.9954 |
-0.11 |
0.75 |
2.71 |
|
1.75% 21-Nov-2020 |
400 |
2.0436 |
0.62 |
0.25 |
||
|
19-Nov-18 |
4.50% 15-Apr-2020 |
301 |
2.0150 |
0.45 |
0.00 |
2.75 |
|
1.75% 21-Nov-2020 |
699 |
2.0483 |
0.70 |
0.50 |
||
|
26-Nov-18 |
4.50% 15-Apr-2020 |
550 |
2.0094 |
1.09 |
0.25 |
4.19 |
|
1.75% 21-Nov-2020 |
50 |
2.0350 |
-0.05 |
0.00 |
||
|
10-Dec-18 |
4.50% 15-Apr-2020 |
305 |
1.9197 |
0.74 |
0.25 |
4.92 |
|
1.75% 21-Nov-2020 |
395 |
1.9072 |
0.77 |
0.50 |
||
|
14-Jan-19 |
4.50% 15-Apr-2020 |
620 |
1.8990 |
2.10 |
2.00 |
3.71 |
|
1.75% 21-Nov-2020 |
380 |
1.8750 |
0.75 |
0.25 |
||
|
21-Jan-19 |
4.50% 15-Apr-2020 |
208 |
1.9134 |
0.84 |
0.25 |
3.64 |
|
1.75% 21-Nov-2020 |
492 |
1.9050 |
0.75 |
0.00 |
||
|
4-Feb-19 |
4.50% 15-Apr-2020 |
140 |
1.8889 |
0.02 |
0.25 |
3.62 |
|
1.75% 21-Nov-2020 |
260 |
1.8575 |
0.00 |
0.00 |
||
|
18-Feb-19 |
4.50% 15-Apr-2020 |
350 |
1.7884 |
1.09 |
0.50 |
5.41 |
|
1.75% 21-Nov-2020 |
50 |
1.7813 |
0.51 |
0.25 |
||
|
4-Mar-19 |
4.50% 15-Apr-2020 |
313 |
1.8012 |
0.62 |
1.50 |
5.52 |
|
1.75% 21-Nov-2020 |
87 |
1.7894 |
0.70 |
0.75 |
||
|
18-Mar-19 |
1.75% 21-Nov-2020 |
485 |
1.6066 |
1.21 |
1.00 |
3.78 |
|
5.75% 15-May-2021 |
115 |
1.5900 |
0.55 |
0.00 |
||
|
25-Mar-19 |
5.75% 15-May-2021 |
500 |
1.4617 |
0.42 |
0.50 |
4.31 |
|
1-Apr-19 |
4.50% 15-Apr-2020 |
650 |
1.5625 |
1.33 |
0.00 |
4.97 |
|
5.75% 15-May-2021 |
50 |
1.4725 |
0.75 |
0.00 |
||
|
8-Apr-19 |
4.50% 15-Apr-2020 |
850 |
1.5678 |
1.41 |
0.50 |
3.99 |
|
5.75% 15-May-2021 |
50 |
1.4925 |
0.99 |
0.00 |
||
|
15-Apr-19 |
4.50% 15-Apr-2020 |
334 |
1.5752 |
0.52 |
0.75 |
2.65 |
|
5.75% 15-May-2021 |
466 |
1.5298 |
0.66 |
0.50 |
||
|
29-Apr-19 |
4.50% 15-Apr-2020 |
50 |
1.4080 |
0.40 |
0.50 |
5.87 |
|
1.75% 21-Nov-2020 |
250 |
1.3659 |
0.33 |
0.50 |
||
|
13-May-19 |
4.50% 15-Apr-2020 |
50 |
1.3976 |
0.56 |
0.50 |
4.17 |
|
1.75% 21-Nov-2020 |
450 |
1.3251 |
0.76 |
0.50 |
||
|
29-May-19 |
4.50% 15-Apr-2020 |
50 |
1.1940 |
0.90 |
0.25 |
4.88 |
|
1.75% 21-Nov-2020 |
450 |
1.1571 |
1.21 |
0.50 |
||
|
19-Jun-19 |
4.50% 15-Apr-2020 |
337 |
1.1051 |
0.84 |
0.50 |
2.50 |
|
1.75% 21-Nov-2020 |
263 |
1.0294 |
0.71 |
0.50 |
||
|
Average over year to June 2019 |
0.71 |
0.48 |
4.05 |
|||
Table 14: Treasury Indexed Bond tender results — 2018–19
|
Tender date
|
Coupon and maturity
|
Face value amount allocated ($m) |
Weighted average issue yield (%) |
Spread to secondary market yield (basis points) |
Range of bidsaccepted (basis points) |
Times covered
|
|---|---|---|---|---|---|---|
|
10-Jul-18 |
1.25% 21-Aug-2040 |
150 |
0.9086 |
-1.75 |
2.75 |
3.45 |
|
14-Aug-18 |
0.75% 21-Nov-2027 |
150 |
0.7099 |
-3.01 |
1.75 |
4.38 |
|
28-Aug-18 |
1.25% 21-Feb-2022 |
150 |
0.3481 |
-4.11 |
1.25 |
5.00 |
|
9-Oct-18 |
0.75% 21-Nov-2027 |
150 |
0.8078 |
-0.49 |
1.25 |
4.97 |
|
13-Nov-18 |
1.25% 21-Feb-2022 |
150 |
0.4793 |
-2.08 |
0.50 |
4.53 |
|
27-Nov-18 |
0.75% 21-Nov-2027 |
150 |
0.8033 |
-1.04 |
3.00 |
3.45 |
|
12-Feb-19 |
1.25% 21-Feb-2022 |
150 |
0.2366 |
0.09 |
2.25 |
3.53 |
|
26-Feb-19 |
0.75% 21-Nov-2027 |
100 |
0.5083 |
-0.98 |
0.50 |
4.74 |
|
12-Mar-19 |
3.00% 20-Sep-2025 |
100 |
0.3898 |
-0.81 |
0.25 |
7.71 |
|
26-Mar-19 |
0.75% 21-Nov-2027 |
150 |
0.2700 |
-1.12 |
0.00 |
3.70 |
|
9-Apr-19 |
2.50% 20-Sep-2030 |
150 |
0.3300 |
-2.75 |
0.00 |
5.31 |
|
14-May-19 |
3.00% 20-Sep-2025 |
150 |
0.0924 |
-1.23 |
1.50 |
4.30 |
|
31-May-19 |
0.75% 21-Nov-2027 |
150 |
-0.0645 |
-1.20 |
1.25 |
4.53 |
|
11-Jun-19 |
1.25% 21-Feb-2022 |
150 |
-0.1899 |
-0.27 |
1.75 |
3.47 |
|
25-Jun-19 |
3.00% 20-Sep-2025 |
150 |
-0.2597 |
0.25 |
1.75 |
2.89 |
|
Average over year to June 2019 |
-1.37 |
1.32 |
4.40 |
|||
|
Average over 3 years to June 2019 |
-1.15 |
1.57 |
3.66 |
|||
Table 15: Treasury Indexed Bond syndication results — 2018–19
|
Syndication date
|
Coupon and maturity
|
Face value amount allocated ($m) |
Issue yield (%) |
Joint Lead Managers
|
|---|---|---|---|---|
|
18-Sep-18 |
1.00% |
3,750 |
1.1600 |
Bank of America Merrill Lynch, Citi, Deutsche Bank AG Sydney Branch, |
Table 16: Treasury Note tender results — 2018–19
|
Tender date
|
Maturity
|
Face value amount allocated ($m) |
Weighted average issue yield (%) |
Spread to OIS (basis points) |
Range of bids accepted (basis points) |
Times covered
|
|---|---|---|---|---|---|---|
|
5-Jul-18 |
12-Oct-18 |
500 |
1.8511 |
35.08 |
7.0 |
4.02 |
|
19-Jul-18 |
12-Oct-18 |
500 |
1.9708 |
47.08 |
4.0 |
4.88 |
|
2-Aug-18 |
12-Oct-18 |
500 |
1.9438 |
44.38 |
3.0 |
4.80 |
|
16-Aug-18 |
12-Oct-18 |
500 |
1.9073 |
40.73 |
2.0 |
4.26 |
|
23-Aug-18 |
7-Dec-18 |
500 |
1.9167 |
41.67 |
5.0 |
4.60 |
|
6-Sep-18 |
7-Dec-18 |
500 |
1.9140 |
41.40 |
5.0 |
6.00 |
|
20-Sep-18 |
7-Dec-18 |
500 |
1.9092 |
40.92 |
1.0 |
4.47 |
|
4-Oct-18 |
7-Dec-18 |
500 |
1.8620 |
36.20 |
1.0 |
5.72 |
|
11-Oct-18 |
22-Feb-19 |
500 |
1.8343 |
33.25 |
6.0 |
5.59 |
|
25-Oct-18 |
22-Feb-19 |
500 |
1.8129 |
31.29 |
5.0 |
5.00 |
|
8-Nov-18 |
22-Feb-19 |
500 |
1.8530 |
35.30 |
7.0 |
4.51 |
|
22-Nov-18 |
22-Feb-19 |
500 |
1.9299 |
42.99 |
8.0 |
2.82 |
|
6-Dec-18 |
12-Apr-19 |
500 |
1.8632 |
36.32 |
8.0 |
4.89 |
|
20-Dec-18 |
12-Apr-19 |
500 |
1.8600 |
36.06 |
15.0 |
4.10 |
|
17-Jan-19 |
12-Apr-19 |
500 |
1.9603 |
46.23 |
14.0 |
3.65 |
|
31-Jan-19 |
12-Apr-19 |
500 |
2.0115 |
51.46 |
7.0 |
3.78 |
|
14-Feb-19 |
12-Apr-19 |
500 |
1.9478 |
45.25 |
8.0 |
4.34 |
|
21-Feb-19 |
21-Jun-19 |
500 |
1.8983 |
41.74 |
7.0 |
5.32 |
|
7-Mar-19 |
21-Jun-19 |
500 |
1.8082 |
34.51 |
8.0 |
5.14 |
|
21-Mar-19 |
21-Jun-19 |
500 |
1.7291 |
26.96 |
8.0 |
4.42 |
|
4-Apr-19 |
21-Jun-19 |
500 |
1.7135 |
25.43 |
7.0 |
4.34 |
|
11-Apr-19 |
23-Aug-19 |
500 |
1.6865 |
26.93 |
7.0 |
5.10 |
|
2-May-19 |
23-Aug-19 |
500 |
1.5634 |
26.40 |
4.0 |
4.84 |
|
16-May-19 |
23-Aug-19 |
500 |
1.5549 |
20.08 |
10.0 |
3.92 |
|
30-May-19 |
23-Aug-19 |
500 |
1.4094 |
21.42 |
13.0 |
4.41 |
|
13-Jun-19 |
23-Aug-19 |
500 |
1.3498 |
15.34 |
1.0 |
4.63 |
|
20-Jun-19 |
25-Oct-19 |
500 |
1.1914 |
13.49 |
5.0 |
4.98 |
|
Average over year to June 2019 |
34.74 |
6.5 |
4.61 |
|||
|
Average over 3 years to June 2019 |
23.45 |
6.1 |
4.06 |
|||
Remuneration
Table 17: Remuneration
Key Management Personnel
|
Short-term benefits |
Post-employment |
Other long-term benefits |
Termination benefits |
||||||
|---|---|---|---|---|---|---|---|---|---|
|
Base salary and annual leave |
Bonuses |
Other benefits |
Superannuation |
Long service leave |
Other |
Termination benefits |
Total |
||
|
Name |
Position |
$’000 |
$’000 |
$’000 |
$’000 |
$’000 |
$’000 |
$’000 |
$’000 |
|
Rob Nicholl |
CEO |
394,494 |
51,065 |
9,599 |
455,158 |
||||
The CEO’s remuneration conditions are established by the Secretary to the Treasury. AOFM does not have any SES staff other than Key Management Personell.
Highly Paid Staff
|
Short-term benefits |
Post-employment |
Other long-term benefits |
Termination benefits |
||||||
|---|---|---|---|---|---|---|---|---|---|
|
Remuneration Band |
Number |
Average base salary and annual leave $’000 |
Average bonuses $’000 |
Average other benefits $’000 |
Average superannuation $’000 |
Average long service leave $’000 |
Average other $’000 |
Average termination benefits $’000 |
Average total |
|
220,000 — 245,000 |
1 |
185,698 |
26,157 |
13,574 |
225,429 |
||||
|
245,000 -270,000 |
2 |
225,634 |
34,806 |
8,089 |
268,529 |
||||
|
270,000 — 295,000 |
4 |
233,623 |
43,140 |
8,152 |
284,915 |
||||
|
295,000 — 320,000 |
0 |
— |
|||||||
|
345,000 — 370,000 |
1 |
304,334 |
56,931 |
10,056 |
371,321 |
||||
Remuneration for Other Highly Paid Staff is established by the AOFM’s Enterprise Bargaining Agreement
