Anna Hughes, Chief Executive Officer
Thank you for the opportunity to make an opening statement.
Over the past 12 months, the Australian Office of Financial Management (AOFM) has continued to strengthen its capability and processes to ensure its ability to meet Australian Public Service standards and remain an agile, contemporary organisation capable of operating in an increasingly complex global financial market.
We are focused on our core responsibilities: issuing debt securities on behalf of the Australian Government, managing cash and debt portfolios, and implementing initiatives in the Australian securitisation market. The agency’s diverse, experienced and highly skilled workforce continues to deliver on our key purpose and meet the performance measures set out in the corporate plan.
Issuance Update
I would like to provide the committee with an update on our current issuance for the 2025–26 financial year.
As announced on 18 December 2025, as part of the Mid-Year Economic and Fiscal Outlook, the planned issuance for Treasury Bonds has been revised from $150 billion to $125 billion and Treasury Indexed Bonds remain between $2 - $3 billion.
Two new bond lines have been issued so far this financial year. In July 2025, we conducted a $16 billion syndication of a 4.25 per cent Treasury Bond maturing in October 2036.
More recently, in January 2026, we completed a $15 billion syndication of a 4.75 per cent Treasury Bond maturing in October 2037. This transaction generated the second-largest order book on record, reflecting exceptionally strong investor demand even amid heightened global market volatility.
As of 11 February 2026, the level of AGS on issue is $994.4 billion. Issuance for the 2025–26 financial year totals $85.5 billion. This includes $84.5 billion in Treasury Bonds, with $53.5 billion issued by tender, $31 billion through syndication and $1.5 billion in Treasury Indexed Bonds issued by tender.
Fraud and Corruption
At AOFM’s December 2025 Senate Estimates hearing, the AOFM received several questions from Senators regarding the fraud and corruption results from the 2025 employee census.
I wish to reiterate that the AOFM takes allegations of corruption, fraud, or misconduct seriously and is committed to high standards of integrity, professionalism, and accountability. The Australian Government’s Public Interest Disclosure (PID) process exists to raise concerns and enable appropriate investigation. No PID reports have been made regarding the AOFM in the past 12 months.
Thank you for the opportunity to provide you with this opening statement and I welcome your questions.
