AGY-1220 | New South Wales Treasury Corporation

Full description

The New South Wales Treasury Corporation (TCorp) was established on 10 June 1983 as the central financing authority for the New South Wales Public Sector. Treasury Corporation's financial services included:
- Borrowing from both domestic and international sources to meet client's financial needs
- Conducting a term deposit service called the Authority Deposit Facility for the investment of surplus funds of public bodies
- Managing Hour-Glass Investment Facilities where a range of managed investment funds are used by authorities
- Managing "tailored" management of cash and fixed interest portfolios on behalf of clients who do not wish to participate in the pooled arrangements of the Hour-Glass Facilities.
- Debt management
- Providing advice on structured finance transactions,
- Economic analysis
- Financial risk measurement and assessments of internal control
- Providing industrial profiles of the New South Wales Economy
- Financing Olympic Projects
- Providing the system of NSW Treasury Bonds enabling direct public investment. (1)

The Treasury Corporation Board was constituted to consist of a Chief Executive, the Secretary of the Treasury, another officer of the Treasury and not fewer than 3 and not more than 7 persons appointed by the Treasurer who have expertise that is relevant to the functions exercisable by the Corporation.(2)

The Treasury Corporation (Amendment) Act (No.50 1991) amended the Treasury Corporation Act (No.75 1983) to ensure that the Treasury Corporation can serve as an agent of the Government in cases where the Government raises finance directly rather than as a guarantor; and financial accommodations obtained by local government councils from the Treasury Corporation are repaid even if its validity falls into question (3)

Fund management under TCorp grew in June 2015 with the investment management amalgamation of the state's insurance and compensation schemes (Care NSW (icare)) as well as its superannuation schemes (SAS Trustee Corporation and Insurance) combining with TCorp. (4)

In 2015, after the funds amalgamation initiative was announced, TCorp went from primarily a financial markets business, to become a major investment management organisation that, to 2023, had delivered cumulative investment returns of $41.9bn. (5)

Endnotes
1. New South Wales Government Gazette No.82, 10 June 1983, p.2571.
2. Treasury Corporation Act 1983 (Act No.75, 1983), cl.4C.
3. Ibid.
4. New South Wales Treasury Corporation, Annual Report, 2021, p.6.
5. New South Wales Treasury Corporation, Annual Report, 2022-2023, p.8.