Hon Ben Wyatt LLB MSc MLA

Hon Ben Wyatt LLB MSc MLA

Treasurer; Minister for Finance; Energy; Aboriginal Affairs

    Investor briefings to support borrowing program

    21/04/2017 1:45 PM
     
    • ​Briefings between the State and numerous investors commence April 24
    • The offshore market has become increasingly important for the State's borrowings

    Treasurer Ben Wyatt will visit Sydney and north Asia next week to meet a number of potential and current investors to discuss the State's prospective borrowing program.

     

    Mr Wyatt said proactively engaging with investors was essential to support the State's Budget.

     

    Under Treasurer Michael Barnes revealed earlier this month that Western Australia would need to undertake a borrowing program in excess of $10 billion in 2017-18. The scale of this borrowing program would require a more diversified investor base.

     

    The briefings will focus on the Government's commitment to Budget repair and the longer term economic outlook for WA.

     

    Australian banks have traditionally supported the majority of WA's borrowing activities, but the size of the State's debt means overseas investors are increasingly important.

     

    The Treasurer will brief 80-90 current and potential investors in Sydney, Tokyo and Hong Kong from April 24 to 29.  Mr Wyatt will be accompanied by Mr Barnes, Western Australian Treasury Corporation Chief Executive Officer John Collins and the Treasurer's Chief of Staff Roger Martin.

     

    The State has traditionally had 20 to 25 per cent of its debt held by offshore investors compared to an estimated 40 per cent by some other States.  The Australian Office of Financial Management, responsible for the Commonwealth's debt management activities, has more than a 60 per cent share abroad.

      

    Comments attributed to Treasurer Ben Wyatt:

     

    "While I would prefer not to have to borrow any money on behalf of taxpayers, the previous government has sadly left behind a series of large forecast deficits that can only be met by continuing to increase the size of the debt.

     

    "The scale of the former government's debt mountain means we will be increasingly seeking the support of foreign lenders."

     

    Treasurer's office - 6552 5900