Part 5: Other Information

Other information

Agency resource statement and resources for outcomes

Table 1: Expenses and resources for Outcome 1
Outcome 1: The advancement of macroeconomicgrowth and stability and the effective operationof financial markets, through issuing debt, investing in financial assets and managing debt, investments and cash for the Australian Government Budget(a) 2014-15 $’000 Actual Expenses
2014-15 $’000
Variation $’000
Programme 1.1: Australian Office of Financial Management
Departmental expenses
Departmental appropriation 9,909 9,445 464
Expenses not requiring appropriation in the Budget year 820 708 112
Administered expenses before re-measurements
Ordinary annual services (Appropriation Bill No.1) 10 10
Expenses not requiring appropriation 7,199 34,250 (27,051)
Special appropriations expenses
Commonwealth Inscribed Stock Act 1911 14,466,644 13,413,053 (18,610)
Loans Securities Act 1919 942 570 372
Financial Agreement Act 1994 20 279 (259)
Public Governance, Performance and Accountability Act 2013  4,886 4,887 (1)
Total for Programme 1.1 14,490,430 14,535,393 (44,963)
2014-15 2014-15
Average staffing level (number) 42 38 4

(a)The Budget figure for 2014‑15 is the estimated actual 2014‑15 expenses, reported in table 2.2 of the Portfolio Budget Statements 2015‑16.

Table 2: AOFM resource statement
Actual available appropriation 2014-15
$’000
Payments made 2014-15
$’000
= Balance 2014-15
$’000
Ordinary annual services
Departmental appropriation(a)(b) 37,703 8,961 (c) 28,742
Receipts from other sources (s30 & s31)(d) 662 662
Total departmental 38,365 9,623 28,752
Administered expenses
Outcome 1 10 10
Total administered 10 10
Total ordinary annual services A 38,375 9,623 28,752
Other services
Departmental non-operating (c)
Total other services B
Total available annual appropriations (A + B) 38,375 9,623 28,752
Special appropriations non-capital
Commonwealth Inscribed Stock Act 1911 16,232,713 16,232,713
Financial Agreement Act 1994 279 279
Public Governance, Performance and Accountability Act 2013 4,887 4,887
Loans Securities Act 1919 535 535
Subtotal 16,238,414 16,238,414
Special appropriations capital
Commonwealth Inscribed Stock Act 1911 50,183,779 50,183,779
Public Governance, Performance and Accountability Act 2013 653,200,000 653,200,000
Subtotal 703,383,779 703,383,779
Total special appropriations C 719,622,193 719,622,193
Total appropriations excluding special accounts (A + B + C) 719,660,568 719,631,816 28,752
Special Accounts
Debt Retirement Reserve Trust Account
Opening balance 843
Appropriation receipts 20
Non-appropriation receipts to special account
Interest amount credited 20
State and Territory contributions 61
Payments made (1)
Total Special Account D 943 943
Total net resourcing and payments for AOFM (A + B + C + D) 719,661,511 719,631,816 29,695

(a) Actual available appropriation comprises Appropriation Bill (No.1) 2014‑15 plus carried forward appropriation balances as at 1 July 2014.

(b) Includes capital budget appropriation for 2014‑15 of $0.732 million.

(c) Payments made include appropriations returned to Budget on 1 July 2014 of $0.653 million.

(d) Receipts received under section 74 of the Public Governance, Performance and Accountability Act 2013.

Grant programmes

Under the Financial Agreement Act 1994, the Commonwealth is required to contribute to the Debt Retirement Reserve Trust Account to assist the state and Northern Territory 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

During 2014‑15, the AOFM made no payments to market research organisations, polling organisations or direct mail organisations.

The AOFM incurred expenditure of $77,155 in campaign advertising to promote Australian Government debt to investors. This was paid to Zoo advertising ($24,631) for branding development and to Mitchell and Partners Australia Pty Ltd ($52,524) for the placement of advertisements.

The AOFM incurred nil expenditure during 2014‑15 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). This requirement is in Part II of the FOI Act and has replaced the former requirement to publish a section 8 statement in an annual report. 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 2014‑15, the AOFM received three FOI request.

An agency plan showing what information is published in accordance with the IPS requirements, including material relevant to the AOFM, is accessible from the Treasury’s website at www.treasury.gov.au.

Ecologically sustainable development

The AOFM’s operations have an impact on the environment typical of office operations generally. Procurement and facilities management services are provided to the AOFM by the Treasury under a Service Level Agreement. Information on the environmental impact of these services is published in the Treasury’s Annual Report.

Structure of the AOFM’s portfolio

The assets and liabilities managed by the AOFM and held on its administered balance sheet in 2014‑15 were Australian Government Securities (Treasury Bonds, Treasury Indexed Bonds, Treasury Notes and other securities), term deposits placed with the RBA, residential mortgage‑backed securities (RMBS) and housing advances to the States under the various Commonwealth‑State Housing Agreements.

For financial and risk management purposes, these assets and liabilities are allocated between four financial portfolios: Long‑Term Debt, Cash Management, RMBS; and Housing Advances. This allocation recognises the different objectives, risks and management approaches required in each area.

The Long‑Term Debt Portfolio contains debt denominated in Australian dollars and in foreign currencies. It includes all Australian Government Securities, other than Treasury Notes, which are issued for cash management purposes.

As no borrowings have been undertaken in foreign currencies since 1987, the Long‑Term Debt Portfolio holds only a small residual amount of foreign currency debt.

The Cash Management Portfolio is used to manage within‑year variability in the Australian Government’s financing requirement due to differences in the timing of Government payments and receipts. It contains all the assets and liabilities not held in the other three portfolios.

The RMBS Portfolio contains residential mortgage‑backed securities purchased through a Government investment programme.

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.

Residential mortgage‑backed securities portfolio

The AOFM’s investments in residential mortgage‑backed securities up to 30 June 2015 are shown in Table 4.

Table 4: AOFM’s RMBS investments up to 30 June 2015
Pricing date Settlement date Issuer Issue name Tranche Expected WAL* at closing (years) Coupon (per cent) Original face value ($m)
14-Nov-08 21-Nov-08 FirstMac FirstMac Mortgage Funding Trust Series 2-2008 Class A1 0.7 1M BBSW + 1.25% 132.00
14-Nov-08 21-Nov-08 FirstMac FirstMac Mortgage Funding Trust Series 2-2008 Class A2 3.5 1M BBSW + 1.50% 325.00
14-Nov-08 21-Nov-08 FirstMac FirstMac Mortgage Funding Trust Series 2-2008 Class AB 5.0 1M BBSW + 1.80% 39.00
17-Nov-08 09-Dec-08 Members’ Equity Bank SMHL Securitisation Fund 2008-2 Class A1 2.8 1M BBSW + 1.30% 500.00
04-Dec-08 12-Dec-08 Challenger Challenger Millennium Series 2008-2 Trust Class A 2.8 1M BBSW + 1.35% 481.00
04-Dec-08 12-Dec-08 Challenger Challenger Millennium Series 2008-2 Trust Class AB 4.5 1M BBSW + 1.75% 19.00
10-Dec-08 15-Dec-08 RESIMAC RESIMAC Premier Series 2008-1 Class A2 1.5 1M BBSW + 1.20% 280.00
10-Dec-08 15-Dec-08 RESIMAC RESIMAC Premier Series 2008-1 Class A3 4.5 1M BBSW + 1.40% 204.75
10-Dec-08 15-Dec-08 RESIMAC RESIMAC Premier Series 2008-1 Class AB 4.5 1M BBSW + 1.70% 15.25
06-Mar-09 26-Mar-09 CUA Series 2009-1 Harvey Trust Class A1 3.6 1M BBSW + 1.40% 350.00
13-Mar-09 18-Mar-09 Bendigo and Adelaide Bank TORRENS Series 2009-1 Trust Class A2 4.2 1M BBSW + 1.35% 475.00
23-Mar-09 30-Mar-09 AMP Bank Progress 2009-1 Trust Class A2 4.0 1M BBSW + 1.30% 425.00
03-Apr-09 21-Apr-09 Bank of Queensland Series 2009-1 REDS Trust Class A1 4.2 1M BBSW + 1.30% 500.00
09-Apr-09 20-Apr-09 Liberty Financial Liberty Prime Series 2009-1 Class A1 0.1 1M BBSW + 0.90% 14.50
09-Apr-09 20-Apr-09 Liberty Financial Liberty Prime Series 2009-1 Class A2 0.9 1M BBSW + 1.20% 164.70
09-Apr-09 20-Apr-09 Liberty Financial Liberty Prime Series 2009-1 Class A3 3.2 1M BBSW + 1.40% 283.00
09-Apr-09 20-Apr-09 Liberty Financial Liberty Prime Series 2009-1 Class AB 4.0 1M BBSW + 1.65% 37.80
15-Apr-09 24-Apr-09 Challenger Challenger Millennium Series 2009-1 Trust Class A2 0.5 1M BBSW + 1.00% 38.20
15-Apr-09 24-Apr-09 Challenger Challenger Millennium Series 2009-1 Trust Class A3 1.5 1M BBSW + 1.30% 152.50
15-Apr-09 24-Apr-09 Challenger Challenger Millennium Series 2009-1 Trust Class A4 4.3 1M BBSW + 1.45% 289.00
15-Apr-09 24-Apr-09 Challenger Challenger Millennium Series 2009-1 Trust Class AB 4.4 1M BBSW + 1.70% 20.30
11-May-09 14-May-09 Members’ Equity Bank SMHL Securitisation Fund 2009-1 Class A2 3.7 1M BBSW + 1.35% 500.00
21-May-09 28-May-09 RESIMAC RESIMAC Premier Series 2009-1 Class A2 0.5 1M BBSW + 1.00% 10.00
21-May-09 28-May-09 RESIMAC RESIMAC Premier Series 2009-1 Class A3 2.9 1M BBSW + 1.40% 435.00
21-May-09 28-May-09 RESIMAC RESIMAC Premier Series 2009-1 Class AB 4.1 1M BBSW + 1.70% 13.80
01-Jun-09 05-Jun-09 FirstMac FirstMac Mortgage Funding Trust Series 1-2009 Class A3 2.9 1M BBSW + 1.40% 458.00
01-Jun-09 05-Jun-09 FirstMac FirstMac Mortgage Funding Trust Series 1-2009 Class AB 5.0 1M BBSW + 2.20% 40.62
09-Jul-09 16-Jul-09 Wide Bay Australia WB Trust 2009-1 Class A1 0.5 1M BBSW + 1.10% 16.00
09-Jul-09 16-Jul-09 Wide Bay Australia WB Trust 2009-1 Class A2 3.5 1M BBSW + 1.40% 282.50
09-Jul-09 16-Jul-09 Wide Bay Australia WB Trust 2009-1 Class AB 5.4 1M BBSW + 1.60% 1.00
14-Jul-09 28-Jul-09 Australian Central Credit Union Light Trust No. 2 Class A1 4.0 1M BBSW + 1.30% 190.00
20-Aug-09 04-Sep-09 Suncorp Metway APOLLO Series 2009-1 Trust Class A3 3.6 1M BBSW + 1.30% 499.20
28-Aug-09 11-Sep-09 Greater Building Society GBS Receivables Trust No. 4 Class A1 4.3 1M BBSW + 1.35% 190.00
14-Oct-09 21-Oct-09 Liberty Financial Liberty Prime Series 2009-2 Class A2 1.0 1M BBSW + 0.90% 35.00
14-Oct-09 21-Oct-09 Liberty Financial Liberty Prime Series 2009-2 Class A3 3.3 1M BBSW + 1.40% 58.50
14-Oct-09 21-Oct-09 Liberty Financial Liberty Prime Series 2009-2 Class AB 4.0 1M BBSW + 1.65% 6.30
21-Oct-09 28-Oct-09 RESIMAC RESIMAC Premier Series 2009-2 Class A2 3.3 1M BBSW + 1.40% 38.10
21-Oct-09 28-Oct-09 RESIMAC RESIMAC Premier Series 2009-2 Class AB 3.5 1M BBSW + 1.95% 18.30
10-Nov-09 24-Nov-09 FirstMac FirstMac Mortgage Funding Trust Series 2-2009 Class A2 3.5 1M BBSW + 1.40% 195.40
10-Nov-09 24-Nov-09 FirstMac FirstMac Mortgage Funding Trust Series 2-2009 Class AB 5.0 1M BBSW + 1.95% 19.74
22-Jan-10 29-Jan-10 AMP Bank Progress 2010-1 Trust Class AB 5.2 1M BBSW + 1.80% 36.00
09-Feb-10 17-Feb-10 Bank of Queensland Series 2010-1 REDS Trust Class A 3.1 1M BBSW + 1.30% 250.00
25-Feb-10 10-Mar-10 CUA Series 2010-1 Harvey Trust Class A1 2.9 1M BBSW + 1.35% 143.00
05-Mar-10 15-Mar-10 Members’ Equity Bank SMHL Securitisation Fund 2010-1 Class A 2.6 1M BBSW + 1.35% 250.00
17-Mar-10 24-Mar-10 Bendigo and Adelaide Bank TORRENS Series 2010-1 Trust Class A 2.8 1M BBSW + 1.35% 123.00
26-Mar-10 31-Mar-10 IMB Illawarra Series 2010-1 RMBS Trust Class A 3.0 1M BBSW + 1.35% 157.50
12-May-10 17-May-10 RESIMAC RESIMAC Premier Series 2010-1 Class A 2.4 1M BBSW + 1.65% 10.00
28-May-10 09-Jun-10 Suncorp Metway APOLLO Series 2010-1 Trust Class A2 6.0 1M BBSW + 1.10% 300.00
02-Jul-10 14-Jul-10 Members’ Equity Bank SMHL Securitisation Fund 2010-2E Class A3 5.7 1M BBSW + 1.10% 250.00
08-Jul-10 20-Jul-10 Bendigo and Adelaide Bank TORRENS Series 2010-2 Trust Class A3 3.0 1M BBSW + 1.10% 19.50
08-Jul-10 20-Jul-10 Bendigo and Adelaide Bank TORRENS Series 2010-2 Trust Class A4 5.8 1M BBSW + 1.10% 476.50
23-Jul-10 04-Aug-10 MyState Financial ConQuest 2010-2 Trust Class A2 1.5 1M BBSW + 1.40% 20.00
23-Jul-10 04-Aug-10 MyState Financial ConQuest 2010-2 Trust Class A3 5.0 1M BBSW + 1.30% 139.25
23-Jul-10 04-Aug-10 MyState Financial ConQuest 2010-2 Trust Class AB 3.7 1M BBSW + 1.85% 10.75
11-Aug-10 18-Aug-10 Liberty Financial Liberty Prime Series 2010-1 Class A2 3.3 1M BBSW + 1.25% 90.00
11-Aug-10 18-Aug-10 Liberty Financial Liberty Prime Series 2010-1 Class AB 4.0 1M BBSW + 1.65% 10.40
18-Aug-10 27-Aug-10 Bank of Queensland Series 2010-2 REDS Trust Class A2 6.2 1M BBSW + 1.10% 497.60
26-Aug-10 02-Sep-10 Macquarie Bank PUMA Masterfund P-16 Class A3 6.3 1M BBSW + 1.15% 247.50
06-Sep-10 09-Sep-10 FirstMac FirstMac Mortgage Funding Trust Series 1-2010 Class A3 4.7 1M BBSW + 1.30% 164.00
06-Sep-10 09-Sep-10 FirstMac FirstMac Mortgage Funding Trust Series 1-2010 Class AB 3.6 1M BBSW + 2.20% 26.77
23-Sep-10 28-Sep-10 Members’ Equity Bank SMHL Securitisation Fund 2010-3 Class A2 6.1 1M BBSW + 1.10% 290.00
14-Oct-10 20-Oct-10 ING Bank (Australia) IDOL Trust Series 2010-1 Class A2 7.5 1M BBSW + 1.10% 250.00
10-Nov-10 18-Nov-10 Australian Central Credit Union Light Trust No. 3 Class A3 5.4 1M BBSW + 1.20% 243.50
19-Nov-10 25-Nov-10 RESIMAC RESIMAC Premier Series 2010-2 Class A2 4.8 1M BBSW + 1.25% 148.00
26-Nov-10 03-Dec-10 Police and Nurses Credit Society Pinnacle Series Trust 2010-T1 Class A2 7.2 1M BBSW + 1.25% 96.50
26-Nov-10 03-Dec-10 Police and Nurses Credit Society Pinnacle Series Trust 2010-T1 Class AB 6.7 1M BBSW + 2.00% 14.60
10-Dec-10 16-Dec-10 Bendigo and Adelaide Bank TORRENS Series 2010-3 Trust Class A5 4.6 1M BBSW + 1.10% 395.00
10-Dec-10 16-Dec-10 Bendigo and Adelaide Bank TORRENS Series 2010-3 Trust Class AB 4.7 1M BBSW + 1.80% 20.00
15-Dec-10 21-Dec-10 Wide Bay Australia WB Trust 2010-1 Class A2 6.6 1M BBSW + 1.25% 81.20
15-Dec-10 21-Dec-10 Wide Bay Australia WB Trust 2010-1 Class AB 6.2 1M BBSW + 2.00% 23.00
17-Mar-11 24-Mar-11 Members’ Equity Bank SMHL Securitisation Fund 2011-1^ 0.00
07-Apr-11 14-Apr-11 Community CPS Barton Series 2011-1 Trust Class A2 6.5 1M BBSW + 1.25% 90.90
08-Apr-11 13-Apr-11 Liberty Financial Liberty Prime Series 2011-1 Class A2 4.0 1M BBSW + 1.30% 50.75
15-Apr-11 20-Apr-11 Macquarie Bank PUMA Masterfund P-17 Class A2 5.6 1M BBSW + 1.15% 157.50
13-May-11 19-May-11 RESIMAC RESIMAC Premier Series 2011-1 Class A 2.9 1M BBSW + 1.25% 170.00
13-May-11 19-May-11 RESIMAC RESIMAC Premier Series 2011-1 Class AB 2.4 1M BBSW + 1.75% 22.00
20-May-11 27-May-11 AMP Bank Progress 2011-1 Trust Class A2 5.8 1M BBSW + 1.15% 138.00
10-Jun-11 17-Jun-11 ING Bank (Australia) IDOL Trust Series 2011-1 Class A1 3.6 1M BBSW + 1.10% 206.00
11-Jul-11 14-Jul-11 Heritage Building Society HBS Trust 2011-1 Class AB 5.5 1M BBSW + 1.95% 21.60
14-Jul-11 21-Jul-11 Bendigo and Adelaide Bank TORRENS Series 2011-1(E) Trust Class A3 6.6 1M BBSW + 1.20% 195.00
14-Jul-11 21-Jul-11 Bendigo and Adelaide Bank TORRENS Series 2011-1(E) Trust Class AB 5.6 1M BBSW + 1.75% 27.50
12-Oct-11 19-Oct-11 Members’ Equity Bank SMHL Securitisation Fund 2011-2 Class A 3.0 1M BBSW + 1.25% 175.25
12-Oct-11 19-Oct-11 Members’ Equity Bank SMHL Securitisation Fund 2011-2 Class AB 5.3 1M BBSW + 2.10% 25.25
28-Oct-11 04-Nov-11 Bendigo and Adelaide Bank TORRENS Series 2011-2 Trust Class A2 6.3 1M BBSW + 1.50% 163.75
28-Oct-11 04-Nov-11 Bendigo and Adelaide Bank TORRENS Series 2011-2 Trust Class AB 6.3 1M BBSW + 2.50% 26.25
11-Nov-11 18-Nov-11 ING Bank (Australia) IDOL Trust Series 2011-2 Class A1 2.7 1M BBSW + 1.35% 146.50
11-Nov-11 18-Nov-11 ING Bank (Australia) IDOL Trust Series 2011-2 Class A2 5.0 5.50% 50.00
23-Nov-11 08-Dec-11 Suncorp Metway APOLLO Series 2011-1 Trust Class A2 5.9 1M BBSW + 1.50% 250.00
23-Nov-11 08-Dec-11 Suncorp Metway APOLLO Series 2011-1 Trust Class AB 5.9 1M BBSW + 2.50% 63.00
20-Dec-11 22-Dec-11 FirstMac FirstMac Mortgage Funding Trust Series 2-2011 Class A3 7.0 1M BBSW + 1.65% 87.70
20-Dec-11 22-Dec-11 FirstMac FirstMac Mortgage Funding Trust Series 2-2011 Class AB 5.7 1M BBSW + 2.75% 11.70
29-Mar-12 12-Apr-12 ING Bank (Australia) IDOL Trust Series 2012-1 Class A1 3.2 1M BBSW + 1.45% 200.00
13-Apr-12 23-Apr-12 Members’ Equity Bank SMHL Securitisation Fund 2012-1 Class A3 2.8 1M BBSW + 1.50% 123.50
17-May-12 29-May-12 AMP Bank Progress 2012-1 Trust Class A 3.4 1M BBSW + 1.55% 195.65
17-May-12 29-May-12 AMP Bank Progress 2012-1 Trust Class AB 5.9 1M BBSW + 2.85% 30.78
01-Jun-12 14-Jun-12 RESIMAC RESIMAC Premier Series 2012-1 Class A2 2.4 1M BBSW + 1.65% 137.00
02-Aug-12 09-Aug-12 FirstMac FirstMac Mortgage Funding Trust Series 1-2012 Class A2 6.1 1M BBSW + 2.10% 129.10
02-Aug-12 09-Aug-12 FirstMac FirstMac Mortgage Funding Trust Series 1-2012 Class AB 6.1 1M BBSW + 3.00% 13.40
24-Aug-12 30-Aug-12 AMP Bank Progress 2012-2 Trust^ 0.00
30-Aug-12 12-Sep-12 Suncorp Metway APOLLO Series 2012-1 Trust Class AB 5.9 1M BBSW + 3.00% 17.50
13-Sep-12 25-Sep-12 Members’ Equity Bank SMHL Securitisation Fund 2012-2^ 0.00
27-Sep-12 10-Oct-12 ING Bank (Australia) IDOL Trust Series 2012-2^ 0.00
02-Nov-12 15-Nov-12 People’s Choice Light Trust No. 4^ 0.00
12-Dec-12 18-Dec-12 FirstMac FirstMac Mortgage Funding Trust Series 3-2012^ 0.00
15462.61

* Weighted average life.

^ The AOFM final allocation was zero.

Tender results for debt issuance

Table 5: Treasury Bond tender results — 2014‑15

This table summarises Treasury Bond tender results for 2014-15.

 

Table 5: Treasury Bond tender results — 2014‑15 (continued)

Table 5: Treasury Bond tender results — 2014 15 (continued)

Table 6: Treasury Indexed Bond tender results — 2014‑15

Table 6: Treasury Indexed Bond tender results — 2014 15

Table 7: Treasury Note tender results — 2014‑15

Table 7: Treasury Note tender results — 2014 15

Last updated: 28 January 2016