Locally, the Territory economy has $492 million was raised as continued to towards the perform well the economic downturn financial year. caused The Corporation’s investment and cash management activities have adjusted to by the sovereign debt crisis in Europe. The the challenging environment, with a higher trend of liquidity maintained throughout the period. The Corporation achieved a return unemployment rate is 4.2 per cent (June of 5.02 per cent on the Government’s 2012), investment portfolio of surplus cash balances. This was ahead of the compared to 5.1 per cent nationally. benchmark return of 4.70 per cent and is Deloitte considered to be a good result given the investment environment. Access Economics’ Business Outlook for The investment portfolio represents the approximately 57 per cent of total funds June quarter 2012 forecasts the average under management. Its weighting towards high quality annual investments has helped economic growth rate for the provide consistency and protection from the volatility experienced in Territory investments, which are held to through to to be 4.8 per cent. This partially meet liabilities. compares to a national rate of 3.2 per cent. The The investments held in the main drivers of economic growth in the Conditions of Service Reserve (COSR) Territory returned per cent. This represents a are expected to be private construction slight investment of 0.01 per cent and international exports. relative to The borrowing requirement benchmark and was largely due to a fund comprised manager $427 million of refinancing and $479 allocation review undertaken million of throughout new money. The Corporation raised these While the absolute performance is funds disappointing in the short term, the fund primarily from additions to existing bond has series and managed to outperform its benchmark over syndication of two new major bond series a maturing 3, 5, 7 and time which more in November 2017 and September 2018 closely issued reflects the investment term for funds. under the Corporation’s new Australian Administratively, management Domestic continued to work with KPMG to Note Programme. Also, the favourable perform the internal of the Corporation’s activities. In addition, market PricewaterhouseCoopers were conditions and the desire to reduce commissioned to assist in undertaking a review of the Corporation’s compliance exposure with relevant GST legislation and to unsettling market events in a regulations. Internally, the systemisation of the control process further was further progressed with the aim of full
Locally, the Territory economy has continued to perform well the economic downturn caused by the sovereign debt crisis in Europe. The trend unemployment rate is 4.2 per cent (June 2012), compared to 5.1 per cent nationally. Deloitte Access Economics’ Business Outlook for the June quarter 2012 forecasts the average annual economic growth rate for the Territory through to to be 4.8 per cent. This compares to a national rate of 3.2 per cent. The main drivers of economic growth in the Territory are expected to be private construction investment and international exports. The borrowing requirement comprised $427 million of refinancing and $479 million of new money. The Corporation raised these funds primarily from additions to existing bond series and syndication of two new major bond series maturing in November 2017 and September 2018 issued under the Corporation’s new Australian Domestic Note Programme. Also, the favourable market conditions and the desire to reduce exposure to unsettling market events in a further $492 million was raised as towards the financial year. The Corporation’s investment and cash management activities have adjusted to the challenging environment, with a higher of liquidity maintained throughout the period. The Corporation achieved a return of 5.02 per cent on the Government’s investment portfolio of surplus cash balances. This was ahead of the benchmark return of 4.70 per cent and is considered to be a good result given the investment environment. The investment portfolio represents approximately 57 per cent of total funds under management. Its weighting towards high quality investments has helped provide consistency and protection from the volatility experienced in investments, which are held to partially meet liabilities. The investments held in the Conditions of Service Reserve (COSR) returned per cent. This represents a slight of 0.01 per cent relative to benchmark and was largely due to a fund manager allocation review undertaken throughout While the absolute performance is disappointing in the short term, the fund has managed to outperform its benchmark over a 3, 5, 7 and time which more closely reflects the investment term for funds. Administratively, management continued to work with KPMG to perform the internal of the Corporation’s activities. In addition, PricewaterhouseCoopers were commissioned to assist in undertaking a review of the Corporation’s compliance with relevant GST legislation and regulations. Internally, the systemisation of the control process was further progressed with the aim of full