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Academic year: 2022



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Annual Report




Published by the Department of Treasury and Finance

© Northern Territory Government 2017

Apart from any use permitted under the Copyright Act, no part of this document may be reproduced without prior written permission from the Northern Territory Government through the Department of Treasury and Finance.

ISSN 1324-9789 (print) ISSN 2204-5759 (online)

Northern Territory Treasury Corporation

Level 11, Charles Darwin Centre, 19 The Mall, Darwin NT 0800 GPO Box 2035 Darwin NT 0801

Telephone: +61 8 8999 7745 Email: nttc[email protected] Website: www.nttcorp.nt.gov.au Territory Bonds

Telephone: +61 8 8999 7745 Email: t[email protected] Website: www.territorybonds.nt.gov.au


The Honourable Nicole Manison MLA Treasurer

GPO Box 3146 DARWIN NT 0801

Dear Treasurer

In accordance with section 31 of the Northern Territory Treasury Corporation Act, section 28 of the Public Sector Employment and Management Act and section 12 of the Financial Management Act, I am pleased to provide to you the 2016‑17 Annual Report of the Northern Territory Treasury Corporation (NTTC).

Pursuant to the Financial Management Act (FMA), I advise that to the best of my knowledge and belief:

• proper records of all transactions affecting NTTC are kept and employees under my control observe the provisions of the FMA, Financial Management Regulations and Treasurer’s Directions

• procedures within NTTC afford proper internal control and a current description of such procedures are recorded in the accounting and property manual, which has been prepared in accordance with the requirements of the FMA

• there is no indication of fraud, malpractice, major breach of legislation or delegation, major error in, or omission from, the accounts and records

• in accordance with the requirements of section 15 of the FMA, the internal audit capacity available to NTTC is adequate and the results have been reported to me

• the financial statements included in the Annual Report have been prepared from proper accounts and records and are in accordance with Treasurer’s Directions

• all employment instructions issued by the Commissioner for Public Employment have been satisfied

• NTTC has implemented processes to achieve compliance with the archives and records management provisions as prescribed in Part 9 of the Information Act.

I can also advise you that the Auditor‑General has audited NTTC’s financial statements for the year ended 30 June 2017 and her report is included.

Yours sincerely

Craig Graham Under Treasurer 28 September 2017



To provide the Northern Territory Government with cost‑effective funding, efficient financial management and reliable service to assist the Territory in achieving long‑term viability for the benefit of Territorians.


• Open communication and respect

• Trust and integrity in all our dealings and relationships

• Valuable contributions for our stakeholders

• Dedication and professionalism of our people

Enabling Act

The Northern Territory Treasury Corporation (NTTC) was established on 1 July 1994 under the Northern Territory Treasury Corporation Act (NTTC Act).

Statutory Guarantee

All obligations incurred or assumed by NTTC are guaranteed by the Treasurer on behalf of the Territory under section 20 of the NTTC Act.


NTTC is a government business division and an administrative unit of the Department of Treasury and Finance (DTF) for the purposes of the Public Sector Employment and Management Act (PSEMA).

Credit Rating

Moody’s Investors Service has assigned NTTC a long‑term issuer and debt rating of Aa2.

Purpose of this Report

This report is designed to meet NTTC’s statutory annual reporting requirements, as specified for public sector agencies in PSEMA, the Financial Management Act (FMA), Information Act and NTTC Act. It reports NTTC’s performance to the Treasurer, the Legislative Assembly, government agencies, stakeholders, financial markets and ratings agencies.


Profile 3

Under Treasurer’s Address 4

Performance Summary 6

Financial Markets 8

Client Services 12

Administration 14

Our People 15

Corporate Governance 17

Territory Economy 24




NTTC is the central financing authority (CFA) for the Territory Government, responsible for providing specialist financial services and advice to the Territory Government to support the delivery of infrastructure and services to Territorians by:

• undertaking sound borrowing and investing activities for the Territory Government

• investing surplus short‑term cash balances of government accounts

• providing cost‑efficient loans to its public sector clients and government agencies, government owned corporations and local authorities.

Figure 1: NTTC Stakeholders, Functions and Programs

Financial Markets

• Borrow funds at consistently lower margins to benchmark

• Broaden the investor base

• Manage financial risks

Client Services

• Offer competitive loan facilities to Government, its agencies and local authorities

• Provide financial advice to Government, its agencies and local authorities

• Achieve returns on cash balances above benchmark

• Manage the cash flow requirements of Government

• Invest funds appropriately on behalf of Government


Investing Lending External Stakeholders

• Government and Legislative Assembly

• Government agencies

• Auditor-General

• Advisory Board

• Industry groups

• Other governments

• Public and commentators

• Investors

Internal Stakeholders

• Treasurer

• Department of Treasury and Finance

• Northern Territory Treasury Corporation staff


• Manage operational risks

• Maintain awareness of and compliance with current financial market and accounting practices

• Constantly review internal procedures

• Provide administrative support to NTTC’s Advisory Board and Audit Committee

• Comply with all guidelines and reporting requirements


Chairman’s Address

Despite the political uncertainty of Brexit and the unanticipated results of the United States (US) and French elections, the 2016‑17 financial year has generally seen a more positive tone for the global economy with lower market volatility and stronger investment returns. While global growth is expected to continue its recovery, supported by stronger commodity prices and an improvement in demand for investment goods, global financial markets will continue to be significantly influenced by political events internationally. Overall, confidence has continued to build as accommodative monetary policy settings are slowly tightened, which has created an environment that has been simultaneously conducive for bond issuance and equity investment.

The Australian economy has continued to face challenges from the unprecedented transition from mining to non‑mining‑led growth, with annual real growth slowing to a subtrend level of 1.7 per cent. Property prices and weak wages growth have continued to put pressure on discretionary household consumption.

However, as with global markets, Australia has benefited from a rebound in commodity prices.

Following a sustained period of record growth across most industries, the Territory economy experienced challenging conditions on the back of the Ichthys liquefied natural gas (LNG) project commencing its transition from construction phase to production. Population growth was very modest, with the increases in natural population and net overseas migration offset by net interstate migration. Reflecting these conditions, the property market softened in both sales volumes and rents, and construction activity moderated. However, employment in the Territory increased by 2.8 per cent and the June 2017 unemployment rate of 3.1 per cent was the lowest of all jurisdictions. The strong performance in the labour market was largely due to an improvement in private investment and continued strong growth in public investment and consumption.

Despite these challenging conditions, the future of the Territory remains bright, with natural resource projects, defence spending, infrastructure projects and tourism set to underpin economic growth.

In terms of financial markets activity, NTTC has seen successful term bond issuance and strong returns in aggregate on the investment portfolios it manages on behalf of the Central Holding Authority. The Territory’s borrowing program for 2016‑17 raised approximately $527 million compared to $533 million of matured debt. NTTC’s investment and cash management activities maintained a higher level of liquidity throughout the year in anticipation of increased levels of expenditure by government. The Corporation achieved a return of 2.26 per cent over the financial year on the Government’s investment portfolio of surplus cash balances. This was a strong performance given the prevailing investment environment, and


In conclusion, it has been a relatively good year across the key areas of responsibility of the organisation.

I would like to thank my predecessor Jodie Ryan, the Advisory Board, NTTC management and staff for their guidance and commitment throughout the year. I particularly wish to acknowledge Mr Anthony Cole, for the significant contribution he made to NTTC over his 22 years of service to the NTTC Advisory Board. Mr Cole provided valuable expert advice, drawing on his first‑hand knowledge and clear insight of macroeconomic themes and understanding of government frameworks. I wish Mr Cole the best in his retirement.

Craig Graham

Under Treasurer and Chairman 28 September 2017


Performance Summary

Review of 2016‑17

• Mixed domestic economic conditions with ongoing low inflation

• Increased borrowing program of $533 million with issuance in Australian debt capital markets

• Approximately $3.5 billion on issue in major bond series

• Modest investment returns

Outlook for 2017‑18

• Increased global financial market volatility

• Increased cost of borrowing in line with the rising domestic and global interest rate environment

• Borrowing program of $1.471 billion will refinance maturing debt and fund new loans to counterparties

• New major bond series will be established under the Australian Domestic Note Programme

• Utilise short‑dated Promissory Note facility and tap issues of existing long‑dated bond series

Strategic Issues for 2017‑18

• Managing the Territory Government’s pool of investments efficiently within defined risk management frameworks

• Securing attractive term funding arrangements in the most cost‑effective manner in order to refinance maturing debt and provide flexible and efficient financing options to clients

• Continuous development of NTTC’s business continuity plan and corporate governance framework Table 1: Five‑Year Financial Overview

2016‑17 2015‑16 2014‑15 2013‑14 2012‑13

Statement of Income $000 $000 $000 $000 $000

Revenue 214 571 239 230 277 249 289 872 258 055

Expenses 193 204 215 098 241 120 256 898 224 250

Profit before tax 21 367 24 132 36 129 32 974 33 805

Tax expense 6 410 7 240 10 839 9 892 10 141

Net profit after tax 14 957 16 892 25 290 23 082 23 664

Statement of Financial Position

Total assets 4 056 115 4 085 056 4 648 108 5 283 013 4 848 368

Total liabilities 4 034 485 4 063 426 4 626 478 5 261 383 4 826 738

Total equity 21 630 21 630 21 630 21 630 21 630

Statement of Cash Flows

Cash flows from operating activities 7 954 1 314 9 926 24 194 29 793 Cash flows from investing activities 58 430 582 025 60 012 352 242 770 051 Cash flows from financing activities (36 886) (563 648) (642 314) (410 272) (720 774)


Table 2: Five‑Year Key Performance Indicators Summary

Performance Measures 2016‑17 2015‑16 2014‑15 2013‑14 2012‑13


Weighted average cost of borrowing (WACoB)

2.54% 2.22% 2.51% 4.23% 4.01%


Borrowing rate margin compared to industry peers1

+ 0.41% n.a n.a + 0.37% + 0.36%

Investment portfolio return above benchmark2

+ 0.44% + 0.31% + 0.27% + 0.28% + 0.36%

Stakeholder satisfaction3 5 5 5 5 5

n.a: not assessable

1 NTTC did not issue any term funding into the wholesale financial market during either 2014‑15 or 2015‑16.

2 The benchmark is the weighted composite of the Bloomberg AusBond Bank Bill Index and Bloomberg AusBond Semi‑Government Index (0‑3 yrs). The composite benchmark return for 2016‑17 was 1.82% while NTTC achieved a return of 2.26%.

3 A stakeholder satisfaction rating is obtained from government business divisions, government owned corporations, local government authorities and the Treasurer. Ratings range from 1: extremely dissatisfied to 6: extremely satisfied.

Performance Measure Analysis

NTTC’s weighted average cost of borrowing target for 2016‑17 was lowered to 3 per cent in line with the low interest rate environment experienced throughout the year. The actual outcome achieved for the 2016‑17 financial year was 2.54 per cent. However, when promissory note issuances are excluded, the weighted average cost of borrowing for 2016‑17 increases to 2.93 per cent. The weighted average cost of borrowing on outstanding issued debt at 30 June 2017 was 4.65 per cent.

The average recorded spread or borrowing margin achieved on the $300 million October 2024 bond series issued in October 2016 and its subsequent tap of $200 million in February 2017 was approximately 41 basis points over a similar bond maturity issued by NTTC’s AAA‑rated semi‑government peers. As at 30 June 2017, NTTC’s October 2024 bond series continue to be priced at similar levels to where they were issued.

The Central Holding Authority (CHA) investment portfolio delivered a 2.26 per cent return for the financial year, predominantly invested in short‑term securities within the existing credit limits approved by the Treasurer.

Figure 2: NTTC Weighted Average Cost of Borrowings versus Spread to AAA Semi‑Governments

2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17

11 13 24 22 38 36 37 29 24 41

6.67% 5.96% 5.70% 5.29% 4.86% 4.01% 4.23% 2.51% 2.22% 2.54%

00.5 1.01.5 2.02.5 3.03.5 4.04.5 5.05.5 6.06.5 7.0

0 05 10 15 20 25 30 35 40 45 50

Spread to AAA semis

Borrowing margin to AAA semis Weighted average cost of borrowing


Basis points %


Financial Markets

Table 3: Borrowing Composition

2016‑17 2015‑16 2014‑15 2013‑14 2012‑13

$M $M $M $M $M

Refinance maturing Territory debt 533 565 641 542 411

New borrowings ‑ ‑ ‑ ‑ 245

Debt reduction ‑ 6 ‑ 532 ‑ 219 ‑ ‑

Pre‑funded ‑ ‑ ‑ 393 ‑ ‑

Borrowing requirement 527 33 29 542 656

Pre‑funding ‑ ‑ ‑ 393 453

Total borrowing program 527 33 29 935 1 109

Borrowing Activity

The borrowing program for 2016‑17 was approximately $527 million raised throughout the financial year compared to $533 million of matured debt. The reduced borrowing activity resulted in total outstanding issued debt as at 30 June 2017 being lower by approximately $6 million from last year’s reported balance.

In 2016‑17, NTTC issued a new $500 million benchmark bond series maturing October 2024 in order to refinance the $500 million bond series that matured in November 2016. In terms of retail borrowings, Territory Bonds raised a net amount of approximately $26 million throughout the year with a further

$0.5 million raised from Migration Linked Bonds. A full listing of NTTC’s issued debt is provided in Appendix A on page 27.


NTTC manages the Territory Government’s exposure to funding risk by ensuring it is not subject to a significant refinancing risk in any financial year. NTTC’s approach to minimise funding risk involves the diversification of borrowing and investment activities across the maturity spectrum and utilising a variety of funding sources to meet its requirements.

NTTC’s funding sources are as follows:

» Wholesale market

• fixed interest securities

• floating rate notes

• promissory notes

» Retail market

• Territory Bonds

• Migration Linked Bonds


As at 30 June 2017, NTTC had six institutional benchmark bond issues as detailed in Table 4.

Table 4: Institutional Bond Issues as at 30 June 2017

Maturity Date Coupon

Amount on Issue

% $M

17 November 2017 4.75 500

20 September 2018 4.75 500

20 September 2021 4.25 650

15 March 2024 6.00 650

21 October 2024 2.75 500

15 March 2026 6.00 650

Table 5: Borrowing Performance as at 30 June

2017 2016 2015 2014 2013

% % % % %

Average borrowing margin

Short‑term – margin to bank bill swap (BBSW) rate ‑ 0.04 ‑ 0.04 ‑ 0.04 ‑ 0.05 ‑ 0.04 Long‑term (fixed rate) – margin to AAA‑rated

semi‑government security

0.41 n.a n.a 0.37 0.36

Cost of borrowing achieved during the year

Weighted average cost of borrowing 2.54 2.22 2.51 4.23 4.01

Total cost of funds

Weighted average cost of funds 4.65 5.00 5.19 5.21 5.32

n.a: not assessable

Portfolio Duration and Term to Maturity

As at 30 June 2017, the weighted average duration of Territory debt on issue was 4.4 years, slightly longer than the 4.2 years reported in June 2016. Similarly, weighted average term to maturity lengthened slightly to 5.1 years compared to 5 years recorded in June 2016.

Interest Rate Risk Management

NTTC’s interest rate risk arises from cash flow mismatches in the maturity profiles and repricing dates of its financial assets and liabilities. NTTC manages its exposure to interest rate risk to avoid creating abnormally high refinancing requirements during periods of high interest rates, or unusually low

refinancing requirements in periods of low interest rates (see Figure 3 on page 10). NTTC may use interest rate swaps and forward start interest rate swaps to manage interest rate risk as required.

The target level of interest rate exposure to maturing debt in any financial year is $600 million, with a lower limit of $400 million and an upper limit of $800 million. This strategy continues to support NTTC’s ability to respond to strong demand from institutional investors and create slightly larger and more liquid bonds series. The target will support the Territory’s borrowing requirements anticipated for the next two to three years to fund the capital and operating expenditure requirements of Territory Government agencies, business divisions and government owned corporations.


Figure 3: Interest Rate Exposure of Maturing Debt as at 30 June 2017

Trading Margin

An important influence on trading margins is the perception of liquidity. The relatively small size of the Territory’s borrowing program does not promote significant trading activity. As a result, the borrowing margin is more a reflection of the liquidity premium demanded by institutional investors for supporting NTTC’s bond issuances.

The average recorded spread or borrowing margin achieved on the $300 million 2024 bond series issued in October and its subsequent tap of $200 million in February was about 0.41 per cent over a similar bond maturity issued by New South Wales Treasury Corporation and Treasury Corporation of Victoria.

Figure 4 shows the implied trading margin between NTTC’s 2024 bond series and similar maturities issued by the Commonwealth and other CFAs. Relative to the Commonwealth bonds, NTTC’s borrowing margin remained steady at an average of 60 basis points since the start of the financial year. Similarly, NTTC’s margin relative to the ‘AAA’ rated CFAs also remained steady at about 40 basis points.

Figure 4: Trading Margin

2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 2025-26 2026-27 2027-28 2028-29 2029-30 2030-31 2031+


Financial year

Approved band for interest rate exposure to maturing debt

0 100 200 300 400 500 600 700 800

1.5 2.0 2.5 3.0 3.5 4.0%


















Interest rate

ACGB 2.75%, 4/2024 NSWTC 5.00%, 8/2024 TCV 5.50%, 12/2024 QTC 5.75%, 7/2024 TASCORP 4.00%, 6/2024 NTTC 2.75%, 10/2024


Promissory Notes

NTTC’s short‑term funding requirement is met through its promissory note facility. These notes are issued by way of tender to our key institutional counterparties. While NTTC has no promissory notes as at 30 June 2017, the promissory note facility was used throughout the year to meet short‑term funding requirements.

The weighted average yield achieved for the financial year was 1.72 per cent (2015‑16: 2.18 per cent), with an average margin to BBSW reference rate of ‑0.04 per cent. The issuing margins to BBSW in 2016‑17 ranged from ‑0.03 per cent to ‑0.06 per cent.

Migration Linked Bonds

The bonds offered by NTTC satisfy the criteria of a Designated Investment under the following programs administered by the Department of Immigration and Border Protection:

• Business Innovation and Investment Programme

• Investor Retirement Migration.

As at 30 June 2017, total Designated Investments on issue increased slightly to $1 million.

Territory Bonds

Territory Bonds is NTTC’s retail fixed interest borrowing product and is used to attract funds from the general public. Territory Bonds has been issued since 1979 and is offered to investors seeking a safe, secure, government‑guaranteed investment.

In 2016‑17, Issues 101 and 102 raised approximately $29.4 million from 760 applications, compared to last year’s result of $35.4 million from 933 applications. The average conversion rate for 2016‑17 was approximately 70 per cent, an improvement from last year’s rate of 65 per cent, indicating that existing investors continued to show strong support for the product by reinvesting their investments at maturity.

Over the course of 2016‑17, the number of registered investors declined by 772 to 2605. This reduction, combined with the decline in the outstanding face value of Territory Bonds results in an average

investment size of about $32 899 as at year end. While the average subscription size has increased, the total amount outstanding in Territory Bonds continues to decline. As at 30 June 2017, the total outstanding balance was approximately $85.7 million, which is about $5.6 million lower than the balance of $91.3 million recorded at 30 June 2016.

Figure 5: Territory Bonds Outstanding and Average Holding Size

Investment size

Amount outstanding

Total outstanding balance Average investment size

$M $000

0 5 10 15 20 25 30 35

0 25 50 75 100 125 150 175 200 225 250

Jun-05 Dec-05 Jun-06 Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17


Client Services


NTTC lends funds to the Territory Government, government business divisions, government owned corporations, local authorities and other government organisations. Loans are issued in accordance with commercially based guidelines and practices. All loans are approved by the Treasurer in accordance with section 13(2)(b) of the NTTC Act and section 31(1) of the FMA.

As at 30 June 2017, NTTC had a total outstanding loan portfolio of $3.98 billion, about $58 million lower than the balance reported at 30 June 2016. Table 6 on page 13 shows the comparative analysis of total outstanding loans provided by NTTC over the past five years. A full listing of NTTC’s loans is provided in Appendix B on Page 30.

General Government Agencies

General government agencies are funded through CHA appropriations, some of which are funded by loans provided by NTTC. CHA is the ‘parent body’ that represents the Territory Government’s ownership interest in government‑controlled entities. The funds are used to finance general government activities and the Territory’s major infrastructure projects.

As at 30 June 2017, loans to the general government sector totalled $2.41 billion, a decrease of about

$105 million from the previous financial year. The net movement largely represents a partial repayment from CHA of the maturing $500 million loan in November 2016.

Government Business Divisions

Loans to government business divisions represent borrowings by Territory Government owned entities that operate on a commercial basis. The funds are used to finance capital expenditure requirements.

As at 30 June 2017, loans to this sector totalled about $222 million, approximately $9 million lower than the previous financial year. This movement is largely the result of scheduled principal repayments throughout the year on some of NT Home Ownership’s structured loans.

Government Owned Corporations

Loans to government owned corporations represent borrowings by Territory Government owned entities that operate on a commercial basis but whose operations are not guaranteed by the Crown and do not make the Territory liable for its debts, liabilities or obligations. The funds are used to finance capital expenditure requirements.

Loans to this sector totalled about $1.35 billion as at 30 June 2017, an increase of about $55 million from last year’s balance of $1.29 billion. This is the net movement resulting from the $70 million of new loans provided to Power and Water Corporation and Territory Generation over the course of the financial year, less the $15 million scheduled loan repayments.

Local Authorities

Loans to local authorities represent borrowings by local governing bodies situated throughout the Territory. The funds are used to finance specific council infrastructure projects, working capital requirements or purchase or replace existing plant and equipment. Loans to local authorities are first assessed by the Department of Housing and Community Development and must carry the support and recommendation of the Minister for Local Government and Community Services prior to being submitted for approval to the Treasurer. As at 30 June 2017, there were no loans outstanding for local authorities.


Other Government Organisations

Loans to other government organisations represent borrowings by non‑financial public sector

organisations with which the Territory Government has an association. As at 30 June 2017, NTTC had no outstanding loans to this sector.

Figure 6: Client Loans as at 30 June 2017

Table 6: Outstanding Loans as at 30 June

2017 2016 2015 2014 2013

$M $M $M $M $M

General government agencies 2 411.5 2 516.3 3 128.6 3 017.5 2 640.8

Government business divisions 222.2 230.8 279.0 327.0 361.2

Government owned corporations 1 347.8 1 292.8 1 214.3 1 336.7 1 320.9

Other government organisations ‑ ‑ ‑ ‑ 6.0

Total 3 981.5 4 039.9 4 621.9 4 681.2 4 328.9

Central Holding Authority 58.7%

Department of Housing 1.9%

Land Development Corporation 0.5%

NT Home Ownership 5.1%

Power and Water Corporation 28.8%

Territory Generation 5.0%

General government agencies 60.6%

Government business divisions 5.6%

Government owned corporations 33.8%



The administration program aims to ensure NTTC operates in a professional, prudent and cost‑effective manner. This is achieved by implementing policies relating to current financial market and accounting practices, regularly reviewing internal procedures and providing relevant and timely training to employees.

Specific functions include:

• providing timely and accurate settlement of all financial market transactions

• maintaining NTTC’s inscribed stock register by recording details of all inscribed stock and holders in accordance with the Registry Services Agreement and NTTC’s Inscribed Stock Regulations

• ensuring NTTC’s finances are managed effectively, within stated limits and in accordance with Australian Accounting Standards and legislative frameworks

• providing administrative support to NTTC’s Advisory Board and Audit Committee

• satisfying NTTC’s personnel requirements by maintaining current human resource management practices, and encouraging open communication between management and staff

• producing NTTC’s annual report in accordance with legislative requirements.

Major Projects

Internal Auditor Appointment

In December 2016, KPMG Darwin was appointed NTTC’s internal auditor for a three‑year period. NTTC’s internal audit program focuses on its controls environment, ensuring adequate information technology and operational controls are in place and are effective in mitigating risk. In its first year of contract, KPMG also reviewed NTTC’s Enterprise Risk Management Framework and provided recommendations for the framework’s ongoing development.

Electronic Document Records Management

In conjunction with DTF, NTTC continued its transition to electronic document records management (EDRM). This project commenced February 2016 and during the 2016‑17 financial year NTTC developed agency‑specific disposal schedules to assist with the formal process of destroying archived records. The EDRM implementation will result in a reduction of paper use, a decrease in the cost of off‑site storage, reinforce business continuity and disaster prevention and recovery arrangements, facilitate better information flow and collaboration, and enhance searching capabilities.

Business Relationships

Registry Services

NTTC has a key relationship with Link Market Services (Link), which maintains NTTC’s retail inscribed stock register, recording details of all inscribed stock and holders in accordance with the Registry Services Agreement and NTTC’s Inscribed Stock Regulations. Link has offices in Melbourne, Sydney, Brisbane and Perth, providing convenient access for most bondholders.

NTTC utilises ASX Austraclear Services Limited (ASX) for the registration of its wholesale domestic borrowings. ASX provides NTTC with the full range of corporate actions relating to the life cycle of the security issued to the financial markets, from origination to maturity. Corporate actions include inscribing the securities in the ASX register, making payments, transferring ownership of the security between seller and buyer, and effecting payments at maturity of securities.


Our People


NTTC’s employees are employed under PSEMA. Section 10 of the NTTC Act permits the Under Treasurer to assign employees to NTTC from DTF, on either a full‑time or part‑time basis.

As at 30 June 2017, NTTC had six full‑time employees and one part‑time employee: four females and three males. Employees are required to comply with the PSEMA, Northern Territory Government Code of Conduct and codes of ethics of all relevant professional associations.

Figure 7: NTTC’s Organisational Structure

Table 7 provides a comparison by gender for each classification level.

Table 7: Staff Demographics (full‑time equivalent) as at 30 June 2017

Male Female Total

Designation 2015‑16 2016‑17 2015‑16 2016‑17 2015‑16 2016‑17

AO4 1 1 ‑ ‑ 1 1

AO5 1 1 3 3 4 4

SAO1* 1 ‑ 1 1 2 1

ECO2 1 1 ‑ ‑ 1 1

Total 4 3 4 4 8 7

*Manager Financial Assets and Liabilities position vacant as at 30 June 2017

As part of NTTC’s equal employment opportunities (EEO), staff take part in an annual census conducted by DTF to update contact, next of kin and EEO details. This data is used to assist in workforce planning, reporting and for business continuity purposes. Table 8 provides NTTC’s reported EEO profile.

Table 8: Reported EEO Profile as at 30 June 2017

Aboriginal and Torres Strait Islanders ‑

Non‑English‑speaking background 4

People with a disability ‑


Financial Assets and Liabilities NTTC’s borrowing and lending investment portfolioCHA

Senior Investment

Officer Senior Finance Officer

Finance Officer in Training General Manager

Finance Officer Manager Financial Administration

Senior Accounting

Officer Senior Budgets and Finance Officer Financial

reporting Budget development Personnel and office



Employee Performance Management

NTTC, in conjunction with DTF, operates an Employee Development Framework (EDF), which provides a two‑way feedback structure between managers and staff. The framework is designed to identify and develop the work performance of employees so NTTC’s and employees’ objectives and goals are achieved. Staff and management undertake an annual review. Development requirements are recorded and followed up using the DTF EDF system.

Flexible Work Arrangements

NTTC offers a range of initiatives for work‑life balance for staff, including flexible work arrangements, flextime, purchased leave options and recreation leave at half pay. The initiatives are all in line with the NTPS 2013‑17 Enterprise Agreement. In 2016‑17 two employees accessed flexible work arrangements.

Finance Officer in Training Graduate Program

Throughout the year, graduates employed through the DTF Finance Officer in Training graduate program (FOIT program) may be provided with placement opportunities in NTTC. The FOIT program consists of graduates engaged on a 12‑month contract who undertake work experience in several work areas in DTF over the year. This is coupled with regular training through a comprehensive series of workshops and seminars outlining DTF’s functions and government processes and structures, and regular performance feedback.

Training and Professional Memberships

Employees undertake training and professional development aligned with organisational requirements, generally identified through the EDF process. In addition to training, they are encouraged to undertake finance and accounting‑related study through various professional bodies and institutions at the post‑graduate level. Formal study is supported by DTF’s Study Assistance program.

Employees are reimbursed half the cost of their annual professional membership fees where membership is relevant to their work role. Memberships are held with the following professional bodies:

• Australian Financial Markets Association

• Certified Practising Accountants Australia

• Australian Institute of Company Directors

• Finance and Treasury Association.

Equal Opportunity and Workplace Harassment

NTTC is an equal opportunity employer and is committed to providing a workplace that is free from discrimination and harassment. All employees are required to take sessions on anti‑discrimination, cross‑cultural and harassment awareness to promote an understanding of such issues and inform staff of policies in place to address any incidents. In addition, DTF has formal and informal complaints processes as well as a grievance resolution procedure in place that staff can access.

Employee Wellness

NTTC employees have access to DTF’s Employee Assistance Program (EAP). This program provides an important service to the agency’s employees and forms part of our work health and safety commitments.

NTTC recognises that staff may be affected by personal, family or work‑related issues and EAP is one way NTTC supports staff. The EAP offers up to three free confidential counselling sessions for employees and their family members with either of DTF’s EAP providers.

Also, flu vaccinations are available to NTTC employees on an annual basis.


Corporate Governance

Figure 8: NTTC’s Corporate Governance Framework

Corporate Governance

NTTC’s objective is to provide the Territory Government with cost‑effective funding, efficient financial management and reliable service and advice. Its Advisory Board and management are committed to achieving this objective while upholding high standards of corporate governance, transparency and accountability through controls, policies and best practice frameworks.

NTTC was established as a corporation sole (a corporation that consists solely of a nominated office holder) in July 1994 and is constituted under the NTTC Act. The Under Treasurer of DTF is designated as the office holder, the corporation sole, under the NTTC Act and as such represents the Crown in right of the Territory. Under section 5 of the NTTC Act, NTTC is subject to the direction of the Treasurer.

Human resources Code of conduct

Equal employment opportunity policy Anti Discrimination Act Workplace harassment policy Work health and safety management system

Employee development framework Professional memberships Employee assistance program

Staff training Whistleblower protection

Recruitment policy


Treasurer’s Directions Financial Management Act Northern Territory Treasury Corporation Act

Public Sector Employment and Management Act

Information Act


Budget report Annual report Prospectus Presentations Conferences and expos


Advisory Board Audit Committee DTF Senior Management

Group DTF Risk and Audit


Risk Management

Control self-assessment process Business continuity plan Anti-Money Laundering/

Counter-Terrorism Financing program


Policies and procedures Internal audit External audit

Strategic Direction

Mission statement Corporate objectives


Figure 9: NTTC’s Reporting Structure

Strategic Direction

Corporate Objectives

NTTC’s objectives are to:

• safeguard the Territory’s financial resources by establishing and regularly reviewing credit limits and maintaining adequate internal controls and staffing

• reduce the Territory’s cost of borrowings through the effective control and management of its interest rate risk and maintain the exposure to interest rate risk at an acceptable level

• ensure NTTC’s continued ability to meet the Territory’s financing obligations in an orderly manner, as and when they fall due, in both the short and long term, through liquidity management

• minimise the Territory’s cost of foreign currency requirements through the effective control and management of its foreign exchange risk and remove the exposure to foreign exchange risk

• adopt improved risk management strategies through the ongoing evaluation and review of appropriate risk management frameworks by utilising specialist resources available to NTTC.

Department of Treasury and Finance

NTTC reports to DTF as its parent agency through its senior executive and is a member of DTF’s Senior Management Group (SMG), which is responsible for strategic decision making and policy setting of DTF and its business units. This includes managing performance and improving management and business practices. A key priority of SMG is to develop DTF’s corporate capabilities including people, systems and work environment.

Audit and compliance reports are also reviewed by DTF’s Risk and Audit Committee. The committee oversees the internal audit, risk management and compliance with legislative requirements.


Audit Committee

General Manager Internal Audit NTTC Staff

Advisory Board Under Treasurer

Senior Management GroupDTF


Advisory Board

Under section 8 of the NTTC Act, NTTC has established an Advisory Board to assist the Under Treasurer with issues relating to NTTC’s operations. The Advisory Board is constituted to be the Under Treasurer and no more than five other persons appointed by the Treasurer. The Advisory Board meets quarterly to review and monitor the performance of NTTC, its business risks and performance in relation to its objectives. The Advisory Board also provides guidance on policy, analysis of economic conditions and advice on aligning borrowing and investing intentions with interest rate expectations.

Matters Considered by the Advisory Board

The Advisory Board receives specific papers and management reports that cover:

• financial statements and budget position

• performance and progress reports on the investment portfolio

• NTTC’s borrowing and lending programs

• financial and operational risk exposure reports covering interest rates, counterparties and liquidity.

Conflict of Interest

Advisory Board members monitor and disclose any actual, potential or perceived conflicts of interest.

Formal disclosure declarations are made on an annual basis and verbally on an ad hoc basis at board meetings where a conflict is identified. Where a member has a conflict of interest they will refrain from participating in any discussions and decision making on the matter.

Advisory Board Members

Mr Craig Graham Chair

Department of Treasury and Finance

Mr Graham was appointed Under Treasurer in April 2017, following three years in the role of Deputy Under Treasurer from June 2014.

Mr Graham joined Treasury in February 1997, undertaking the graduate program in February 1998 after completing a Bachelor of Economics at Northern Territory University (now Charles Darwin University), and was in the first intake of the still‑current Finance Office in Training (graduate program).

In August 2008, Mr Graham was appointed Senior Director Economic in the Economic Policy and Public Finance areas, and in July 2011 he was appointed Assistant Under Treasurer (Economic).

Mr David Braines‑Mead Deputy Under Treasurer

Department of Treasury and Finance

Mr Braines‑Mead was appointed Deputy Under Treasurer in July 2014 and is currently responsible for providing high level policy, strategic and technical advice on the full range of economic, commercial and intergovernmental financial relations issues affecting the Territory.

Previously Mr Braines‑Mead held responsibility for the full range of financial and budgetary issues

affecting the Territory, including oversight of the financial management group. Mr Braines‑Mead continues to have oversight of the operations of the Territory Revenue Office.

Mr Braines‑Mead joined Treasury in 2004 after more than 15 years’ experience in a number of roles within the accounting profession both in Darwin and the United Kingdom. He has an accounting degree from the Thames University in London and is also a Fellow of the United Kingdom‑based Association of Chartered Certified Accountants.


Mr Richard Ryan AO

External Board Member and Chair of the Audit Committee

Mr Ryan was appointed to the Board in June 1995 and is a Fellow of the Chartered Accountants Australia and New Zealand, a Companion of the Institution of Engineers Australia and a Companion of the Institute of Management (UK). He was previously Chancellor of Charles Darwin University, Chair of the Menzies School of Health Research and President of the National Heart Foundation. Mr Ryan is also a non‑executive director of several public companies.

Mr John Montague

External Board Member and Member of the Audit Committee

Mr Montague was appointed to the Board in November 2014 and is General Manager of Super SA, the superannuation provider for South Australian public sector employees.

Mr Montague began his career with Westpac Banking Corporation in 1986, holding various trading and management positions in Sydney and Melbourne within the bank’s Treasury Fixed Interest division. He was seconded to NTTC in 1994 where he was General Manager for 14 years before being appointed as DTF’s Senior Director Funds Management in 2008, Assistant Under Treasurer (Funds Management) in 2011 and Commissioner of Superannuation in April 2012.

Northern Territory Treasury Corporation Audit Committee

The Audit Committee is a subcommittee of the Advisory Board. It provides advice to the Chair on

operational issues and on internal and external audit matters. It meets prior to all Advisory Board meetings or as necessary. As at 30 June 2017, the Audit Committee comprised the two external Advisory Board members and is chaired by Mr Ryan.

KPMG Darwin is NTTC’s appointed internal auditor and representatives of the Northern Territory Auditor‑General’s Office (NTAGO) undertake the external audit of NTTC’s financial statements. A partner from KPMG attends Audit Committee meetings at the request of the Audit Committee. The Auditor‑General may also be invited to attend meetings during the year to provide direct comment to the committee members.


Treasury Corporation Management Team

Mr Alex Pollon General Manager

Mr Pollon was appointed General Manager of NTTC in May 2010 and is responsible for the overall management of NTTC’s staff and resources, ensuring the efficient, effective and appropriate control of the borrowing, lending and investing activities on behalf of government. Mr Pollon has over 20 years’

experience in the finance and treasury industry and is a member of various inter‑agency committees and boards including the Public Trustee Investment Board, Superannuation Trustee Board, Agents Licensing Fidelity Guarantee Fund and Legal Practitioners Fidelity Fund. Prior to joining NTTC, Mr Pollon held various treasury management positions in the financial services sector. Mr Pollon is a member of the Australian Institute of Company Directors and holds Australian Financial Markets Association dealer accreditation.

Ms Vicky Coleman

Manager Financial Administration and Corporate Secretary

Ms Coleman joined DTF in April 2000 and was appointed Manager Financial Administration for NTTC in February 2002. Ms Coleman is responsible for NTTC’s financial reporting, budgeting, corporate governance and risk management functions. Prior to joining DTF, Ms Coleman held various management positions in private industry mainly in the finance sector. She holds a Bachelor of Business (Accounting) and a Master of Business Administration from Deakin University. Ms Coleman is a Certified Practising Accountant, a member of the Australian Institute of Company Directors, and holds a Certificate in Governance and Risk Management from the Chartered Secretaries Australia.

Risk Management

Risk recognition and management is an essential function of NTTC, given the nature of its operations.

NTTC has various frameworks, policies and controls in place to ensure all key risks are identified and managed.

Enterprise Risk Management Framework

NTTC has developed a framework to capture and articulate all elements of risk management and compliance in the business environment. The framework comprises a comprehensive risk register, documents NTTC’s applicable internal controls, and includes internal and external compliance requirements.

Fraud Control

NTTC is subject to DTF’s fraud control framework which provides assurance that fraud control strategies are robust. Additionally, NTTC has its own fraud control policy which articulates its approach to fraud, specifies staff responsibilities, details NTTC’s internal controls environment and provides ongoing fraud awareness training for all staff. NTTC’s fraud control policy is reviewed annually in conjunction with its risk management framework to ensure risk strategies remain effective and controls are adequate. To date, there have been no incidents of fraud detected in NTTC’s business environment.

Anti‑Money Laundering and Counter‑Terrorism Financing Legislation

NTTC is subject to the suspicious matters reporting requirement of the Anti‑Money Laundering and Counter‑Terrorism Financing (AML/CTF) Act. A staff member is appointed as Compliance Officer and oversees the program and monitors risk mitigation processes by maintaining the current AML/CTF program and supporting policies.


Business Continuity Management

NTTC has a business continuity plan to ensure it is able to meet its financial obligations during an event that disrupts normal processes and procedures. The plan is reviewed on a regular basis to ensure all critical functions are captured and contingency arrangements are documented.

Compliance Self‑Assessment Reviews

NTTC uses compliance self‑assessment reviews to identify and monitor risk areas in its environment.

Management completes monthly questionnaires and the Advisory Board reviews the associated quarterly reports, which NTTC’s auditors review on a semi‑annual basis.


Clear lines of responsibility and authority to act are specified in agency corporate delegations through DTF and internal policy manuals approved by the Under Treasurer. Both delegations and policy manuals are reviewed annually to ensure they meet current legislative frameworks and business resourcing requirements.

Insurance Arrangements

Insurable risks are risks generally related to workers compensation, assets and inventories, public liabilities and indemnities. They exclude financial risk and legal costs in action.

In line with Territory Government policy, NTTC self‑insures. As a government business division, NTTC can and has elected to pay a premium to DTF as its host agency for workers compensation insurance, in lieu of purchasing commercial insurance. In 2016‑17 there were no self‑insurance claims. This is consistent with 2015‑16.

Work Health and Safety

Work health and safety (WHS) services are provided to NTTC as part of DTF’s WHS program. DTF’s WHS Committee meets quarterly and regularly reports to DTF’s SMG. The committee reports and advises on workplace safety and systems of work, developing, implementing and monitoring WHS measures, advocating acceptable and responsible practices by employees and others, and promoting a health and safety ethos.


NTTC has a high level of compliance and is subject to several audits and review processes during the year.

Audits are undertaken by both internal and external auditors and their focus reflects the importance of risk management and corporate governance. Findings of reviews and audits conducted during the year are reported in Table 9 on page 23.

Policy and Procedures

Formal policy and procedure manuals were created and provided to all staff members. Policy and procedure manuals are updated annually or as required.

Corporate Planning and Reporting Process

As an agency of DTF, NTTC links into DTF’s strategic planning processes, which develop objectives to guide core business areas in the delivery of government outcomes.


Information Act Compliance

NTTC is subject to the requirements of the Information Act, which include records management, freedom of information (FOI) and privacy. DTF is responsible for the management of all information requests on behalf of NTTC. Details of information held by NTTC, including an outline of how to make an application under the Information Act, can be found on the website below. NTTC did not receive any requests under the Information Act during 2016‑17. FOI requests can be made to the following:

Information Policy Officer

Department of Treasury and Finance GPO Box 1974

Darwin NT 0801

Telephone: +61 8 8999 6982 Facsimile: +61 8 8999 6150 Email: [email protected]

Website: www.treasury.nt.gov.au/InformationAct

External Audit

Under section 30 of the NTTC Act, the NTAGO is required to review and audit NTTC’s accounts and operating environment. Under section 31, the Auditor‑General will issue an audit opinion on NTTC’s financial statements and report to the Treasurer and the Legislative Assembly. The Auditor‑General also attends NTTC’s Audit Committee meetings as requested.

Internal Audit

NTTC has an internal audit function, reporting directly to its Advisory Board, Audit Committee and DTF’s senior executives. The internal auditor, KPMG, reviews NTTC’s operational controls environment, specifically focusing on its information technology and general controls and its control self‑assessment process.

Table 9: Audits Undertaken During the Year

Function Type Period Ending Internal/External Outcomes 2015‑16 financial statements Audit 30/06/16 Internal


Unqualified audit opinion Unqualified audit opinion Compliance of control

self‑assessment process

Review 30/09/16 31/03/17

Internal Internal

No significant matters identified No significant matters identified Internal controls testing Audit 30/06/17 Internal No significant matters identified Interim period review Audit 30/06/17 External No significant matters identified


Territory Economy

The following section provides an overview of the Territory economy, including the overall performance of the economy in 2016‑17 and the outlook for 2017‑18 through to 2020‑21. Table 10 outlines the latest Territory key economic forecasts contained in the 2017 Budget released on 2 May 2017.

The latest data for key economic indicators are published regularly and can be downloaded at www.treasury.nt.gov.au/economy.

Table 10: Territory Key Economic Indicators (%)

2015‑16a 2016‑17a 2017‑18f 2018‑19f 2019‑20f 2020‑21f

Gross state product1 2.7 1.0e 1.0 5.1 2.0 2.1

State final demand1 ‑ 12.5 8.8 ‑ 2.8 ‑ 5.0 0.1 1.5

Population2 0.5 0.3 ‑ 0.3 0.3 0.8 1.2

Employment3 1.3 2.7 0.5 06 0.8 1.2

Unemployment rate4 4.2 3.5 4.0 4.2 4.3 4.3

Darwin consumer price index3 0.1 0.1 0.4 1.3 1.9 2.4

Wage price index3 2.2 2.1 1.9 2.0 2.3 2.6

a: actual e: estimate f: forecast

1 Year ended June, year‑on‑year percentage change, inflation adjusted.

2 As at December, annual percentage change.

3 Year ended June, year‑on‑year percentage change.

4 Year average.

Source: Northern Territory Department of Treasury and Finance, Australian Bureau of Statistics.

Structure of the Economy

The Territory economy is unique within Australia, with abundant natural resources, a small but open economy, that is significantly influenced by major projects, and relatively large defence and public sectors.

Between 2005‑06 and 2015‑16, gross state product (GSP) in the Territory grew by over $6.7 billion, to $23.6 billion, which represents an increase of over 40 per cent. Over the same period the Territory’s population increased by almost 32 000 people to over 245 000 people.

Construction, mining and manufacturing, and government and community services, combine to account for about half of the Territory’s GSP, compared to about a third of the national gross domestic product.

As a result of major infrastructure projects, the construction industry has overtaken mining as the largest single industry in the Territory economy.

Economic Growth

The Territory economy recorded growth of 2.7 per cent in 2015‑16, an increase from the 2014‑15 result of 2.0 per cent. This was the fourth highest result among all jurisdictions and just below the national growth rate of 2.8 per cent.

The 2017 Budget estimated growth in 2016‑17 to be subdued at 1.0 per cent, with this trend expected to continue into 2017‑18 as the economy transitions from investment‑led growth to export‑led growth.

However, latest data for the Territory’s state final demand (investment and consumption) showed stronger than expected growth of 8.8 per cent in 2016‑17, mainly driven by growth in private non‑dwelling construction investment and consumption expenditure. The record level of private investment in recent years has been driven by major projects, particularly the Ichthys LNG project. As construction of the Ichthys LNG project nears completion and transitions to production, it is expected there will be a


The Territory’s 2016‑17 net international trade goods balance increased by $1.7 billion, to $3.2 billion, in current price terms. This was driven by a $1.5 billion decline in the value of goods imported and a

$197 million increase in the value of goods exported. The recovery in demand and price of mineral commodity exports helped increase the value of goods exports from the Territory. The decline in imports in 2016‑17 is largely attributed to the preassembled modules for construction of the Ichthys LNG project arriving in 2015‑16.


Annual population growth rate in the Territory continued to remain subdued compared to long‑term averages, at 0.3 per cent to 245 048 persons at 31 December 2016. This reflects the slowing of net overseas migration and record low levels of net interstate migration, likely due to weakness in the mining sector and moderation in residential building activity, and the continued use of fly‑in, fly‑out workforces for major projects.

The Territory’s population growth is forecast to remain below the historical average over the forward estimates, and is forecast to decline by 0.3 per cent in 2017. This reflects a significant proportion of resident construction workers associated with the Ichthys LNG project departing the Territory when the project transitions to the operational and export phase. From 2018, the Territory’s population growth is expected to recover, increasing steadily from 0.3 per cent to 1.2 per cent by 2020, although remaining below the long‑term average.

Labour Force

The Territory’s employment growth strengthened to 2.7 per cent in 2016‑17, compared to moderate growth of 1.3 per cent in 2015‑16. This was a result of the Ichthys LNG project achieving almost peak workforce for the construction phase of the project. The Territory consistently has the highest labour force participation rate of all jurisdictions in Australia. In addition, the Territory’s unemployment rate remained one of the lowest of the jurisdictions, averaging 3.5 per cent over 2016‑17.

Employment growth for 2017‑18 is anticipated to be more modest, driven by smaller scale construction and strengthening growth in consumption as the Ichthys LNG project moves into the less labour‑intensive operational phase. The Territory’s unemployment rate is forecast to return to long‑term trend levels over the medium term, although remaining one of the lowest of all jurisdictions.

Prices and Wages

The Darwin consumer price index (CPI) remained nearly flat at 0.1 per cent in 2016‑17. This continues an extended trend of moderation of the Darwin CPI since 2013‑14. The slow growth in the Darwin CPI reflects the continuing impact of lower domestic holiday travel and accommodation costs, lower rents, and a moderation of housing and input costs.

Growth in the Darwin CPI is forecast to remain modest and below long‑term trends, although increasing slightly over the forward estimate period, as a result of the trend of modest improvement in population and employment growth. The impacts of lower growth in input and labour costs, combined with lower fuel prices and housing conditions are expected to constrain the Darwin CPI growth over the forecast period, compared to their historical impact.

Slowing of the resource sector and moderate price growth affected wage growth in the Territory, which moderated slightly to 2.1 per cent in 2016‑17. Wages growth over the medium term is forecast to remain subdued, reflecting soft labour market conditions in the private sector and tightening wage policies across all tiers of government.


External Economic Environment

Both national and international influences have a relatively large effect on the Territory economy. The Territory has a strong dependence on the construction and mining sectors as drivers of economic growth, which are both typically dependent on overseas trade and investments, and movements in global commodity prices.

In its July 2017 World Economic Update, the International Monetary Fund (IMF) forecasts global economic growth to increase at 3.5 per cent in 2017, up from the estimated 3.2 per cent growth experienced in 2016, and forecasts growth of up to 3.6 per cent in 2018. The IMF forecasts growth in advanced economies to increase by up to 2.0 per cent. Although developing economies’ growth is stronger, it continues to remain modest compared to long‑term averages.

The Territory’s five largest export markets in 2016‑17 were China, Japan, Indonesia, Thailand and the Republic of Korea. While the IMF is forecasting economic growth to average 6.5 per cent in China over 2017 and 2018, overall the outlook for the Territory’s major export markets remains subdued in line with commodity market expectations. The only exception is exports to Japan, which will increase substantially from 2018‑19 onwards, as a result of the Ichthys LNG project.

Growth in the national economy is an important driver of activity in the Territory, primarily through interstate trade and Commonwealth revenue. Based on the May 2017 Commonwealth Budget, the Australian economy is forecast to grow by 1.75 per cent in 2016‑17 and strengthen to 2.75 per cent in 2017‑18 and 3.0 per cent in 2018‑19. Short‑term growth is forecast at below the long‑term average of 2.8 per cent, however Australia is experiencing higher growth than many other developed economies.

Figure 10: Territory’s Major Goods Trading Partners, 2016‑171, 2

1 Current prices.

2 This map is produced from various sources. Department of Treasury and Finance cannot guarantee the accuracy, currency or completeness of the information. To be used as a guide only.

3 Excluding special administrative regions (Hong Kong and Macau) and Taiwan.

Source: Department of Treasury and Finance, ABS, International Trade in Goods and Services, Cat. No. 5368 Japan


$124M China³


$138M Exports:

Imports: Exports:




$286M Indonesia


$5M Singapore



$76M$4M Republic of Korea


$59M India



United States of America


$180M European Union




New Zealand


$1M Exports:




















1 Current prices.

2 This map is produced from various sources. Department of Treasury and Finance cannot guarantee the accuracy, currency or completeness of the information. To be used as a guide only.

3 Excluding special administrative regions (Macau and Hong Kong) and Taiwan.

Source: Department of Treasury and Finance, ABS, International Trade in Goods and Services, Cat. No. 5368.0 Map 1: The Territory’s Major Goods Trading Partners, 2016-171, 2


$304M$45M Exports:



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