• Public Bank Account Investments

    The Public Bank Account (PBA) is a high-level banking arrangement that operates under the authority of section 11 of the Financial Management Act 2006 (FMA).

    Investment of the PBA is conducted under sections 37 to 39 of the FMA and Regulation 5 of the Financial Management Regulations 2007.

    The PBA incorporates almost all of the bank accounts of most government agencies. This allows the Department of Treasury to invest the cash in all of these accounts, as a single managed pool, in such a way that the investment operation does not affect agencies' operations against their individual accounts.

    Please click on the links below to open current copies of the Investment Policy, the Credit Policy and quarterly reports on Investment Holdings.

    Future Fund Investment Strategy Review

    The Western Australian Future Fund has met its investment objective of exceeding the Western Australian Treasury Corporation’s Cost of Funds benchmark in every quarter to date. However, the investment environment has changed since the Future Fund was established in 2012. In this regard, it was appropriate for the Western Australian Treasury Corporation and the Department of Treasury to review the Future Fund’s investment strategy. 

    Following this review, the Treasurer has approved the following key changes to the Future Fund’s Strategic Asset Allocation:

    • Increase holdings of highly rated corporate bonds from 20% to 30%;
    • Replace the one to three year fixed bank paper with one to five year floating rate notes; and
    • Place a maximum fund weighting (or cap) of 20% on any single bond issuer.

    These changes are consistent with the Financial Management Regulations 2007 which limit the available investment options to very low risk investments, including bank deposits and debt securities that are either government-guaranteed or issued by a listed corporation with a credit rating of at least ‘A’ (from Standard & Poor’s or Fitch Ratings) or ‘A2’ (from Moody’s Investors Services). 

    The revised Strategic Asset Allocation is expected to ensure that the Future Fund will continue to meet its investment objective of achieving a rate of return above the Cost of Funds benchmark.   

    Investment Holdings

    1. Public Bank Account

    The reports show the total of investments held in each category of investment, plus a breakdown of the amount of securities held from each issuer or 'credit counterparty' within those categories. The 'amount invested' is the purchase price of the investments, and may represent one or more individual investments.

    2. Future Fund

    The reports show the total investments held in each category of investment. The 'amount invested' is the purchase price of the investments, and may represent one or more individual investments. 

    Investment Holdings - Archives  

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