New South Wales Treasury Corporation - Overview


TCorp provides domestic and international investors with access to bonds and other debt instruments issued on behalf of the state of New South Wales. All of the debt instruments we issue are fully guaranteed by the NSW Government and have strong credit ratings (Aaa/AA+ for both our Australian dollar and foreign currency issuance). TCorp bonds are available via a panel of leading banks and market intermediaries.

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2022-23 Post-Budget debt investor update

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Benchmark Bonds

Large and liquid domestic bonds that are actively traded in the financial markets.

Non-benchmark Bonds

NSW Government bonds for international investors with a range of currencies and maturities.

Short Term Programme

Short dated investments including domestic promissory notes, cash, deposits and Euro commercial paper.

Sustainability Bonds

Green, social and sustainability bonds provide a mechanism for investors to contribute capital to achieve environmental and social goals.

TCorp’s Funding Programme

TCorp issues bonds in order to provide financing to the NSW Government sector and all NSW government agencies. As the central borrowing authority for NSW, our balance sheet is around A$131 billion.

2022-23 NSW State Budget 

Funding task

FY 2022-23
$ billion

FY 2023-24
$ billion

FY 2024-25
$ billion

FY 2025-26
$ billion

New client loans 27.1 22.6 19.5 20.1
Term maturities 1.1* 7.8 8.9 11.0
Pre-funding for FY 2022-23 (4.2) - - -
Estimated borrowings 24.0 30.4 28.4 31.1

*FY 2022-23 maturities offset by debt retirement funds.

Investor pack

To find out more about TCorp's Funding Programme, read our 2022-23 Post-Budget debt investor update in English and Japanese.

Strong Credit Ratings for New South Wales

Long term Australian currency Long term foreign currency Short term
Moody's Aaa (stable) Aaa (stable) Prime-1
Fitch AAA (stable) AAA (stable) F1+
Standard & Poor's AA+ (stable) AA+ (stable) A-1+