オーストラリア政府債券フォーラム

࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆࣇ࢛࣮࣒ࣛ
2013ᖺ12᭶11᪥
ᅾ᪥࣮࢜ࢫࢺࣛࣜ࢔኱౑㤋
ᮏ࢖࣋ࣥࢺࡢ㛤ദ࡟࠶ࡓࡾࠊ௨ୗࡢ㔠⼥ᶵ㛵࠿ࡽࡢࡈ༠ຊࢆ࠸ࡓࡔࡁࡲࡋࡓࠋ
ab
࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆࣇ࢛࣮࣒ࣛ
࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆࣇ࢛࣮࣒ࣛࡣࠊ࣮࢜ࢫࢺࣛࣜ࢔㐃㑥ᨻᗓ࣭ᕞᨻᗓࡢබⓗമົ⟶⌮ᶵ㛵ᢸ
ᙜ⪅ࡀࠊᶵ㛵ᢞ㈨ᐙࡢࡳ࡞ࡉࡲ࡟┤᥋ࣉࣞࢮࣥࢸ࣮ࢩࣙࣥࡍࡿ༙᪥࢖࣋ࣥࢺ࡛ࡍࠋ
࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆ࡟᪤࡟ᢞ㈨࡞ࡉࡗ࡚࠸ࡿ᪉ࠊࡇࢀ࠿ࡽࡢᢞ㈨ࢆ࠾⪃࠼ࡢ᪉ࢆၥࢃࡎࠊ᪥
ᮏࡢᢞ㈨ᐙࡢࡳ࡞ࡉࡲ࡟ࠊ࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆᕷሙࢆࡈ⤂௓ࡋࠊ᭱㏆ࡢ≧ἣࢆࡈㄝ᫂ࡍࡿ࡜
࡜ࡶ࡟ࠊᕷሙྲྀᘬࡢ᣺⯆ࢆᅗࡾࡲࡍࠋ
ࣉࣟࢢ࣒ࣛ
᫬㛫
ࢺࣆࢵࢡࢫ
9:10am
ཷ௜
9:50am
ࡣࡌࡵ࡟
ࢫࣆ࣮࣮࢝
࣮࢜ࢫࢺࣛࣜ࢔㈈ົ┬മົ⟶⌮ᗇ
࢖ࣥ࣋ࢫࢱ࣮࣭࣮ࣜࣞࢩࣙࣥᢸᙜ㈐௵⪅
Ian Clunies-Ross
9:55am
㛤఍ࡢࡈᣵᣜ
እົ㈠᫆┬
㥔᪥࣮࢜ࢫࢺࣛࣜ࢔኱౑
Bruce Miller
10:05am
࣮࢜ࢫࢺࣛࣜ࢔ࡢ⤒῭ぢ㏻ࡋ
࣮࢜ࢫࢺࣛࣜ࢔㈈ົ┬
࣐ࢡࣟ⤒῭ࢢ࣮ࣝࣉࠊ࢚ࢢࢮࢡࢸ࢕ࣈࢹ࢕
ࣞࢡࢱ࣮
David Gruen
10:35am
࣮࢜ࢫࢺࣛࣜ࢔㐃㑥ᨻᗓドๆᕷሙ
࣮࢜ࢫࢺࣛࣜ࢔㈈ົ┬മົ⟶⌮ᗇ
ࡢᴫせ
᭱㧗ᇳ⾜ᐁ
㸦㐃㑥ᨻᗓ࡜ᕞᨻᗓࡢ㛵ಀ࡞࡝㸧
11:05am
࣮ࣔࢽࣥࢢ࣭ࢸ࢕࣮
11:25am
ࢽ࣮ࣗࢧ࢘ࢫ࢙࣮࢘ࣝࢬᕞ㸸⤒
῭ࠊ㈈ᨻ≧ἣࠊ࠾ࡼࡧ೉ධࣉࣟࢢ
࣒ࣛ
Rob Nicholl
䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞ㈈ົබ♫
୺ᖍᇳ⾜ᙺဨ
Stephen Knight
࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆࣇ࢛࣮࣒ࣛ 3
11:50am
ࣅࢡࢺࣜ࢔ᕞ㸸⤒῭ࠊ㈈ᨻ≧ἣࠊ
ࣅࢡࢺࣜ࢔ᕞ㈈ົබ♫
࠾ࡼࡧ೉ධࣉࣟࢢ࣒ࣛ
࣐ࢿ࣮ࢪࣥࢢࢹ࢕ࣞࢡࢱ࣮
William (Bill) Whitford
12:15pm
ࢡ࢖࣮ࣥࢬࣛࣥࢻᕞ㸸⤒῭ࠊ㈈ᨻ
ࢡ࢖࣮ࣥࢬࣛࣥࢻᕞ㈈ົබ♫
≧ἣࠊ࠾ࡼࡧ೉ධࣉࣟࢢ࣒ࣛ
୺ᖍᇳ⾜ᙺဨ
Philip Noble
12:40pm
す࣮࢜ࢫࢺࣛࣜ࢔ᕞ㸸⤒῭ࠊ㈈ᨻ≧
す࣮࢜ࢫࢺࣛࣜ࢔ᕞ㈈ົබ♫
ἣࠊ࠾ࡼࡧ೉ධࣉࣟࢢ࣒ࣛ
᭱㧗ᇳ⾜ᙺဨ
John Collins
1:00pm
බᘧࣛࣥࢳࠊࣉࣞࢮࣥࢸ࣮ࢩࣙࣥ
࣮࢜ࢫࢺࣛࣜ࢔㔠⼥ᕷሙࡢ᭱㏆ࡢ≧
࣮࢜ࢫࢺࣛࣜ࢔‽ഛ㖟⾜
ἣ
࢔ࢩࢫࢱࣥࢺ࢞ࣂࢼ࣮ (㔠⼥ᕷሙᢸᙜ)
1:20pm
Guy Debelle
2:30pm
㛢఍
4 2013ᖺ12᭶11᪥ᅾ᪥࣮࢜ࢫࢺࣛࣜ࢔኱౑㤋
ࢫࣆ࣮࣮࢝␎Ṕ
࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆࣇ࢛࣮࣒ࣛ 5
Guy Debelleࠉ࣮࢜ࢫࢺࣛࣜ࢔‽ഛ㖟⾜㸦୰ኸ㖟⾜㸧㔠⼥ᕷሙᢸᙜ࢔ࢩࢫࢱࣥࢺ࢞ࣂࢼ࣮
Mr Debelleࡣ2007ᖺ3᭶௨㝆ࠊ࣮࢜ࢫࢺࣛࣜ࢔‽ഛ㖟⾜ࡢ㔠⼥ᕷሙᢸᙜ࢔ࢩࢫࢱࣥࢺ࢞ࣂࢼ࣮
ࢆົࡵࡿࠋ⌧ᅾࠊᅜ㝿Ỵ῭㖟⾜㸦BIS㸧ᕷሙጤဨ఍㆟㛗࡜ᮾ࢔ࢪ࢔࣭࢜ࢭ࢔ࢽ࢔୰ኸ㖟⾜ᙺဨ఍
㆟㸦EMEAP㸧㔠⼥ᕷሙ࣮࣡࢟ࣥࢢ࣭ࢢ࣮ࣝࣉ㆟㛗ࢆව௵ࡍࡿࠋࡲࡓࠊBISࢢ࣮ࣟࣂࣝ㔠⼥Ᏻᐃ
໬ጤဨ఍࡟ࠊ࣮࢜ࢫࢺࣛࣜ࢔‽ഛ㖟⾜ࢆ௦⾲ࡋ࡚ཧຍࠋ
1994ᖺ࡟‽ഛ㖟⾜࡟ධ⾜ࠋࡇࢀࡲ࡛ࠊᅜ㝿㏻㈌ᇶ㔠㸦IMF㸧ࠊBISࠊ࣮࢜ࢫࢺࣛࣜ࢔㈈ົ┬໅ົ
ࢆ⤒㦂ࡍࡿ࡜࡜ࡶ࡟ࠊ࣐ࢧࢳ࣮ࣗࢭࢵࢶᕤ⛉኱Ꮫ㸦MIT㸧࡛⤒῭Ꮫ㒊ᐈဨᩍᤵ࡜ࡋ࡚ᩍ㠴ࢆ࡜ࡗ
ࡓࠋ࢔ࢹ࣮ࣞࢻ኱Ꮫ༞ᴗ࣭ྡ㄃⤒῭ᏛኈྕྲྀᚓࠊMIT࡛PhDྲྀᚓ㸦⤒῭Ꮫᑓᨷ㸧ࠋ
David Gruenࠉ࣮࢜ࢫࢺࣛࣜ࢔㈈ົ┬࣐ࢡࣟ⤒῭ࢢ࣮ࣝࣉࠉ࢚ࢢࢮࢡࢸ࢕ࣈࢹ࢕ࣞࢡࢱ࣮
Dr Gruenࡣ࣮࢜ࢫࢺࣛࣜ࢔㈈ົ┬࣐ࢡࣟ⤒῭ࢢ࣮ࣝࣉࡢ࢚ࢢࢮࢡࢸ࢕ࣈࢹ࢕ࣞࢡࢱ࣮ࢆົࡵࡿࠋ
2003ᖺ1᭶࡟࣮࢜ࢫࢺࣛࣜ࢔㈈ົ┬࡟ධ┬ࠋ1998ᖺ5᭶࠿ࡽ2002ᖺ12᭶ࡢ㛫ࠊ࣮࢜ࢫࢺࣛࣜ࢔‽
ഛ㖟⾜ࡢ⤒῭ࣜࢧ࣮ࢳ㒊㛛࣊ࢵࢻࢆົࡵࡿࠋ‽ഛ㖟⾜࡟ࡣࠊ⤒῭ศᯒ࣭ࣜࢧ࣮ࢳ㒊㛛࡞࡝࡛ྜィ
13ᖺ㛫໅ົࡋࡓࠋࡑࢀ௨๓ࡣࠊ࣮࢜ࢫࢺࣛࣜ࢔ᅜ❧኱Ꮫࡢ⮬↛⛉Ꮫࣜࢧ࣮ࢳࢫࢡ࣮࡛ࣝ◊✲ဨ࡜
ࡋ࡚ά㌍ࠋ1991ᖺ8᭶࠿ࡽ1993ᖺ6᭶ࡢ㛫ࠊ༤ኈㄢ⛬ಟ஢ᚋࡢࣇࣝࣈࣛ࢖ࢺዡᏛ㔠ไᗘࢆ฼⏝ࡋ
࡚ࠊࣉࣜࣥࢫࢺࣥ኱Ꮫ⤒῭Ꮫ㒊࡜࢘ࢵࢻ࣮࣭ࣟ࢘࢕ࣝࢯ࣭ࣥࢫࢡ࣮࡛ࣝᐈဨㅮᖌࢆົࡵࡓࠋⱥᅜ
ࢣࣥࣈࣜࢵࢪ኱Ꮫ⏕⌮ᏛᑓᨷPhDࠊ࣮࢜ࢫࢺࣛࣜ࢔ᅜ❧኱Ꮫ⤒῭ᏛᑓᨷPhDྲྀᚓࠋ
6 2013ᖺ12᭶11᪥ᅾ᪥࣮࢜ࢫࢺࣛࣜ࢔኱౑㤋
Rob Nichollࠉ࣮࢜ࢫࢺࣛࣜ࢔㈈ົ┬മົ⟶⌮ᗇࠉ᭱㧗ᇳ⾜ᐁ㸦CEO㸧
Mr Nichollࡣ2011ᖺ1᭶࠿ࡽ⌧⫋ࠋࢱࢫ࣐ࢽ࢔ᕞᨻᗓࡢ㈈ົ┬㸦๪ᐁᡣ㛗㸸10ᖺ㛫㸧ࠊ࢖ࣥࣇ
࣭࢚ࣛࢿࣝࢠ࣮࣭㈨※┬࡞࡝ࢆ୰ᚰ࡟ࠊ」ᩘࡢせ⫋ࢆṔ௵ࡋࠊබⓗᨻ⟇࣭㈈ᨻᨻ⟇ࡢᐇ⦼ࢆ
✚ࡴࠋࡲࡓࠊᕞᨻᗓ඲య୺せࣉࣟࢪ࢙ࢡࢺࢆ᥎㐍ࡋ࡚ࠊၟᴗ㠃࠿ࡘἲไ㠃࡛኱ࡁ࡞⤒㦂ࢆ✚
ࡴࠋ2000 ᖺ࡟ࡣࠊᙜ᫬ࡢࢱࢫ࣐ࢽ࢔ᕞᨻᗓ㤳┦ࡢୖ⣭㢳ၥࢆົࡵࡓࠋ
බົ࡟ᑵࡃ๓ࡣࠊࢱࢫ࣐ࢽ࢔኱Ꮫ⤒῭Ꮫ㒊࡛ᩘᖺ㛫◊✲ဨࢆົࡵࡓࠋࢥࣥࢧࣝࢱࣥࢺ࡜ࡋ࡚ࡢ⤒
㦂ࡶ᭷ࡍࠋࢱࢫ࣐ࢽ࢔኱Ꮫ࡛⤒῭Ꮫኈྕࠊ࢔ࣝ࣋ࣝࢱ኱Ꮫ࡛⤒῭Ꮫಟኈྕࢆྲྀᚓࠋ
Stephen Knightࠉࢽ࣮ࣗࢧ࢘ࢫ࢙࣮࢘ࣝࢬᕞ㈈ົබ♫
Mr Knightࡀ୺ᖍᇳ⾜ᙺဨࢆົࡵࡿࢽ࣮ࣗࢧ࢘ࢫ࢙࣮࢘ࣝࢬᕞ㈈ົබ♫㸦TCorp㸧ࡣࠊᕞᨻᗓ⤒
῭࡜ࡋ࡚ࡣྠᅜ᭱኱ࡢࢽ࣮ࣗࢧ࢘ࢫ࢙࣮࢘ࣝࢬᕞࡢ୰ኸ೉ධᶵ㛵࡛࠶ࡿࠋTCorpࡢ㈨⏘つᶍࡣ⣙
700൨㇦ࢻࣝࠊᖺ㛫ࡢ㈨㔠ㄪ㐩㢠ࡣ80㹼100൨㇦ࢻࣝ࡟ࡢࡰࡿࠋ140௨ୖࡢᨻᗓᶵ㛵ࡀTCorp
࡟㈨⏘࣭㈇മ࣏࣮ࢺࣇ࢛ࣜ࢜㐠⏝ࢆጤクࡋ࡚࠸ࡿࠋ㐠⏝ጤク୰ࡢ㈇മ࣏࣮ࢺࣇ࢛ࣜ࢜ࡣ450൨㇦
ࢻࣝࠊᢞ㈨࣏࣮ࢺࣇ࢛ࣜ࢜ࡣ200൨㇦ࢻ࡛ࣝ࠶ࡿࠋ
Mr Knightࡣ㖟⾜࣭ᢞ㈨㖟⾜ᴗ⏺࡛16ᖺ㛫ࠊ㔠⼥ᕷሙࡢ⤒㦂ࢆ✚ࢇࡔᚋࠊ1996ᖺ࡟TCorp࡟
ධ♫ࠋ1992ᖺ࠿ࡽ1996ᖺࡢ㛫ࠊࢫ࢖ࢫࣘࢽ࢜ࣥ㖟⾜㸦࣮࢜ࢫࢺࣛࣜ࢔㸧ࡢࢺࣞࢪ࣮ࣕࣜ㒊㛛
࡜㈨ᮏᕷሙ㒊㛛ࡢ࣊ࢵࢻࢆົࡵࠊ࣮࢜ࢫࢺࣛࣜ࢔࡟࠾ࡅࡿྠ⾜ࡢ㔠⼥ᕷሙྲྀᘬࡢ⤫ᣓ㈐௵⪅ࡔ
ࡗࡓࠋࡑࢀ௨๓ࡣࠊANZࣂࣥ࢟ࣥࢢࢢ࣮ࣝࣉࠊࢼࢩࣙࢼ࣭࣑࣮ࣝࣗࢳࣗ࢔࣭ࣝࣟ࢖ࣖࣝ㖟⾜ࠊ
࣮࢜ࢫࢺࣛࣜ࢔㖟⾜࡛㈈ົ㒊㛛ࡢୖ⣭⫋ࢆົࡵࡓࠋ
௚࡟ࠊ࣮࢜ࢫࢺࣛࣜ࢔㔠⼥ᕷሙ༠఍㸦AFMA=Australian Financial Markets Association㸧ࡢࢹ࢕
ࣞࢡࢱ࣮ࠊFSCᢞ㈨࣮࣎ࢻጤဨ఍࣓ࣥࣂ࣮ࠊࢽ࣮ࣗࢧ࢘ࢫ࢙࣮࢘ࣝࢬ࢔ࢻࣂ࢖ࢨ࣮ࣜ࢝࢘ࣥࢩ
࣓ࣝࣥࣂ࣮㸦CEDA㸻࣮࢜ࢫࢺࣛࣜ࢔⤒῭㛤Ⓨጤဨ఍㸻ࡢࡓࡵ࡟タ⨨ࡉࢀࡓ⤌⧊㸧ࢆົࡵࡿࠋ
࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆࣇ࢛࣮࣒ࣛ 7
William (Bill) Whitfordࠉࣅࢡࢺࣜ࢔ᕞ㈈ົබ♫ࠉ࣐ࢿ࣮ࢪࣥࢢࢹ࢕ࣞࢡࢱ࣮
Mr Whitfordࡣ2003ᖺ7᭶࡟ࣅࢡࢺࣜ࢔ᕞ㈈ົබ♫㸦TCV㸧ࡢ࣐ࢿ࣮ࢪࣥࢢࢹ࢕ࣞࢡࢱ࣮࡟௵࿨
ࡉࢀࡓࠋTCVࡣࣅࢡࢺࣜ࢔ᕞࡢ୰ኸ೉ධᶵ㛵࡛ࠊ⌧ᅾࡢ㈨⏘つᶍࡣ400൨㇦ࢻࣝ௨ୖࠊᖺ㛫೉
ධᚲせ㢠ࡣ⣙70൨㇦ࢻ࡛ࣝ࠶ࡿࠋ
ྠẶࡣࠊࣃࣜᅜ❧㖟⾜㸦BNP㸧ࠊState Bank of South Australiaࡢࢺࣞࢪ࣮࣭ࣕࣜ㔠⼥ᕷሙ㒊㛛
࡞࡝࡛30ᖺ௨ୖࡢ⤒㦂ࡀ࠶ࡾࠊࡲࡓࠊ༡࣮࢜ࢫࢺࣛࣜ࢔ᕞᨻᗓࡢබⓗ࢖ࣥࣇࣛ㔠⼥࡟ᦠࢃࡗࡓࠋ
࢔ࢹ࣮ࣞࢻ኱Ꮫ⤒Ⴀ኱Ꮫ㝔࡛MBAྲྀᚓࠋ࣮࢜ࢫࢺࣛࣜ࢔௻ᴗᙺဨ༠఍◊✲ဨࠊ࣮࢜ࢫࢺࣛࣜ࢔
㔠⼥ᕷሙ༠఍࣭ᕷሙ⤫἞ጤဨ఍๪఍㛗ࠊࣅࢡࢺࣜ࢔ᆅ᪉㔠⼥බ♫㠀ᖖ໅ࢹ࢕ࣞࢡࢱ࣮ࢆົࡵࡿࠋ
Philip Nobleࠉࢡ࢖࣮ࣥࢬࣛࣥࢻᕞ㈈ົබ♫ࠉ୺ᖍᇳ⾜ᙺဨ
Mr Nobleࡣ2010ᖺ12᭶1᪥࡟ࢡ࢖࣮ࣥࢬࣛࣥࢻᕞ㈈ົබ♫㸦QTC㸧ࡢ୺ᖍᇳ⾜ᙺဨ࡟௵࿨ࡉ
ࢀࡓࠋ
⌧⫋ࡢ๓ࡣࠊࢻ࢖ࢶ㖟⾜ࢩࢻࢽ࣮ࡢࢢ࣮ࣟࣂ࣐࣮ࣝࢣࢵࢶᢸᙜࢹ࢕ࣞࢡࢱ࣮ࠊࣂ࣮ࣥ࢝ࢬࢺࣛࢫ
ࢺ࣭࣮࢜ࢫࢺࣛࣜ࢔㸦࣓ࣝ࣎ࣝࣥࠊࢩࢻࢽ࣮㸧ࡢ㔠⼥ᕷሙࢢ࣮ࣝࣉᢸᙜࣦ࢓࢖ࢫࣉࣞࢪࢹࣥࢺ
࡞࡝ࠊᅜ㝿㖟⾜㒊㛛ࡢᖿ㒊⫋ࢆከᩘ⤒㦂ࡋࡓࠋ
┤㏆ࡣࠊࢡࣞࢹ࢕࣭ࢫ࢖ࢫ㸦ࢩࢻࢽ࣮㸧ࡢ࣮࢜ࢫࢺࣛࣜ࢔࣭ࢽ࣮ࣗࢪ࣮ࣛࣥࢻമๆ㒊㛛ᢸᙜ࣐ࢿ
࣮ࢪࣥࢢࢹ࢕ࣞࢡࢱ࣮ව㒊㛛࣊ࢵࢻ࡜ࡋ࡚ࠊᅾ࣮࢜ࢫࢺࣛࣜ࢔࣭ࢽ࣮ࣗࢪ࣮ࣛࣥࢻ㢳ᐈྥࡅໟᣓ
ࢧ࣮ࣅࢫᥦ౪ࡢࣅࢪࢿࢫࣔࢹࣝᵓ⠏࣭ࢧ࣮ࣅࢫᥦ౪ࡢ㈐ࢆ㈇ࡗࡓࠋྠẶࡣࢡࣞࢹ࢕࣭ࢫ࢖ࢫࡢ
ྲྀ⥾ᙺ࣏ࢪࢩࣙࣥࡶ」ᩘᅇົࡵࠊࢡࣞࢹ࢕࣭ࢫ࢖ࢫ࣭࣮࢜ࢫࢺࣛࣜ࢔ࡢᇳ⾜⤒Ⴀጤဨ఍ࡢ࣓ࣥࣂ
࣮࡛ࡶ࠶ࡗࡓࠋ
ྠẶࡣ㇏ᐩ࡞ࣅࢪࢿࢫ⤒㦂࡟ຍ࠼ࠊࢺࣞࢪ࣮ࣕࣜࠊࣜࢫࢡ⟶⌮ࠊമๆᕷሙࡢᑓ㛛▱㆑ࢆ᭷ࡋࠊᨻ
ᗓࡢㄢ㢟ࠊ೉ධࢽ࣮ࢬ࡟ᑐࡍࡿ⌮ゎࡶ῝ࡃࠊQTCࡢᖿ㒊ࢳ࣮࣒࡟ෆእ㔠⼥ᶵ㛵ࡢ▱ぢࢆᩘከࡃ
ࡶࡓࡽࡋࡓࠋ
8 2013ᖺ12᭶11᪥ᅾ᪥࣮࢜ࢫࢺࣛࣜ࢔኱౑㤋
John Collinsࠉす࣮࢜ࢫࢺࣛࣜ࢔ᕞ㈈ົබ♫ࠉ᭱㧗ᇳ⾜ᙺဨ
Mr Collinsࡣ2009ᖺ10᭶15᪥௜࡛す࣮࢜ࢫࢺࣛࣜ࢔ᕞ㈈ົබ♫㸦WATC㸧ࡢ᭱㧗ᇳ⾜ᙺဨ
㸦CEO㸧࡜ྲྀ⥾ᙺ఍ᙺဨ࡟௵࿨ࡉࢀࡓࠋሗ㓘ጤဨ఍࣓ࣥࣂ࣮࡜ࡋ࡚άືࡋ࡚࠸ࡿࠋ๓⫋ࡣࠊ
Cargill Incorporated㸦࡯ࡰ10ᖺᅾ⡠㸧ࠊ࣮࢜ࢫࢺࣛࣜ࢔࣭ࢽ࣮ࣗࢪ࣮ࣛࣥࢻ㖟⾜㸦࡯ࡰ15ᖺᅾ
⡠㸧ࠊ┤㏆࡛ࡣ࢖ࣥࢻࢿࢩ࢔PT ANZ Panin Bankࡢྲྀ⥾ᙺ♫㛗࡞࡝ࠊ⡿ᅜࠊ࣮࢜ࢫࢺࣛࣜ࢔ࠊ
࢖ࣥࢻࢿࢩ࢔ࡢ㖟⾜࣭㔠⼥ᕷሙ㒊㛛ࡢᖿ㒊⫋࡛࠶ࡿࠋ࢜ࣁ࢖࢜ᕞ❧኱Ꮫ㸦࢜ࣁ࢖࢜ᕞࢥࣟࣥࣂ
ࢫ㸧⤒ႠᏛኈྕྲྀᚓ㸦㔠⼥Ꮫᑓᨷ㸧ࠊࢭࣥࢺ࣭ࢺ࣮࣐ࢫ኱Ꮫ㸦࣑ࢿࢯࢱᕞࢭࣥࢺ࣭࣏࣮ࣝ㸧⤒Ⴀ
Ꮫಟኈྕྲྀᚓ㸦ᅜ㝿㔠⼥Ꮫᑓᨷ㸧ࠋ⌧ᅾࡣࠊ࣮࢜ࢫࢺࣛࣜ࢔㔠⼥ᕷሙ༠఍㸦AFMA=Australian
Financial Markets Association㸧ㄆᐃ఍ဨࠊ࣮࢜ࢫࢺࣛࣜ࢔ྲྀ⥾ᙺ༠఍㸦AICD=Australian
Institute of Company Directors㸧ྲྀ⥾ᙺࢥ࣮ࢫಟ஢⏕ࠊ࣮࢝ࢸ࢕ࣥ኱Ꮫࣅࢪࢿࢫࢫࢡ࣮ࣝ⤒῭
Ꮫ࣭㔠⼥Ꮫ࢔ࢻࣂ࢖ࢨ࣮࣮ࣜ࣎ࢻ࣓ࣥࣂ࣮ࠊAustralian Institute of Management◊✲ဨ࡛ࡶ࠶ࡿࠋ
࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆࣇ࢛࣮࣒ࣛ 9
10 2013ᖺ12᭶11᪥ᅾ᪥࣮࢜ࢫࢺࣛࣜ࢔኱౑㤋
ࣉࣞࢮࣥࢸ࣮ࢩࣙࣥ
࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆࣇ࢛࣮࣒ࣛ 11
࣮࢜ࢫࢺࣛࣜ࢔⤒῭ࡢぢ㏻ࡋ
Dr David Gruen
࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓ㈈ົ┬
࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆࣇ࢛࣮࣒ࣛ
ϮϬϭϯᖺϭϮ᭶ϭϭ᪥
ᐇ㉁'Wᡂ㛗⋡
ண ẚ㍑
ϮϬϭϯ
%
Per cent
%
Per cent
ϮϬϭϰ
%
Per cent
%
Per cent
4.0
3.5
4.0
3.0
3.5
2.5
3.0
2.0
2.0
2.5
2.5
1.5
1.5
2.0
2.0
1.0
1.5
0.5
1.0
3.5
3.0
3.5
Budget
ண⟬
Budget
ண⟬
2.5
Latest
forecast
᭱᪂ண 1.0
ࢥࣥࢭࣥࢧࢫண᝿ࡢᖹᆒ್
Mean of consensus forecasts
ࢥࣥࢭࣥࢧࢫண᝿ࡢࣞࣥࢪ
Range of consensus forecasts
0.5
0.0
Jan-13
Apr-13
Jul-13
0.0
Oct-13
ὀ: ㉥༳ࡣ࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓࡢண ฟᡤ: ࢥࣥࢭࣥࢧࢫ࣭࢚ࢥࣀ࣑ࢵࢡࢫ♫ࠊ㈈ົ┬
12 2013ᖺ12᭶11᪥ᅾ᪥࣮࢜ࢫࢺࣛࣜ࢔኱౑㤋
0.5
Jan-13
3.0
Latest
᭱᪂ண forecast
ࢥࣥࢭࣥࢧࢫண᝿ࡢᖹᆒ್
Mean of consensus forecasts
ࢥࣥࢭࣥࢧࢫண᝿ࡢࣞࣥࢪ
Range of consensus forecasts
1.5
1.0
Apr-13
Jul-13
0.5
Oct-13
஺᫆᮲௳
䜲䞁䝕䝑䜽䝇
Index (2011-12 =
100)
䜲䞁䝕䝑䜽䝇
Index (2011-12
= 100) forecasts
110
projections
ぢ㏻ࡋ
ண
100
110
100
90
90
80
80
70
70
60
60
50
50
40
1959-60
1969-70
1979-80
1989-90
1999-00
2009-10
2019-20
40
2029-30
ฟᡤ: ࣮࢜ࢫࢺࣛࣜ࢔⤫ィᒁ Cat. No. 5204.0ࠊ㈈ົ┬
ᐇ㉁Ⅽ࣮᭰ࣞࢺཬࡧ஺᫆᮲௳
180
Index (Post float average = 100)
䜲䞁䝕䝑䜽䝇ኚືⅭ᭰௨㝆ᚋ䛾ᖹᆒ
180
Index (Post float average = 100)
䜲䞁䝕䝑䜽䝇ኚືⅭ᭰௨㝆ᚋ䛾ᖹᆒ
170
170
160
160
஺᫆᮲௳
Terms
of Trade
150
150
140
140
130
130
120
120
110
110
ᐇ㉁Ⅽ࣮᭰ࣞࢺ
Real
exchange rate
100
100
90
90
80
80
70
Mar-84
Jun-87
Sep-90
Dec-93
Mar-97
Jun-00
Sep-03
Dec-06
Mar-10
70
Jun-13
ฟᡤ: ࣮࢜ࢫࢺࣛࣜ࢔⤫ィᒁCat. No. 5206.0ࠊ࣮࢜ࢫࢺࣛࣜ࢔‽ഛ㖟⾜ࠊ㈈ົ┬
࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆࣇ࢛࣮࣒ࣛ 13
タഛᢞ㈨
ᑐ*'3ẚ䠄䠂䠅
20 Per cent of GDP
ᑐ*'3ẚ䠄䠂䠅
Per
cent of GDP 20
18
18
16
16
14
14
12
12
10
Jun-93
Jun-97
Jun-01
Jun-05
Jun-09
10
Jun-13
ฟᡤ: ࣮࢜ࢫࢺࣛࣜ࢔⤫ィᒁ Cat. No. 5206.0ࠊ5625.0ࠊ㈈ົ┬
タഛᢞ㈨
ᑐ*'3ẚ䠄䠂䠅
Per cent of GDP
Perᑐ*'3ẚ䠄䠂䠅
cent of GDP
15
Forecasts
15
ண
12
12
9
9
㠀㖔ᴗ㒊㛛
Non-mining
6
6
㖔ᴗ㒊㛛
Mining
3
3
0
1976-77
0
1985-86
1994-95
ὀ: 㛫᥋ⓗ࡞㈨⏘⛣㌿ࡣ㠀㖔ᴗ㒊㛛ࡢࡳⓎ⏕ࡍࡿࡶࡢ࡜᝿ᐃࡍࡿ
ฟᡤ: ࣮࢜ࢫࢺࣛࣜ࢔⤫ィᒁ Cat. No. 5204.0ࠊ ㈈ົ┬
14 2013ᖺ12᭶11᪥ᅾ᪥࣮࢜ࢫࢺࣛࣜ࢔኱౑㤋
2003-04
2012-13
㈨※ᢞ㈨ ʹ ୺せ࡞ࣉࣟࢪ࢙ࢡࢺ
75
൨㇦䝗䝹
$billion
൨㇦䝗䝹
$billion
75
60
60
45
45
30
30
15
15
0
0
2010-11
2012-13
2014-15
㕲㖔
Iron ore
LNG
Coal
▼Ⅳ
Other
䛭䛾௚
2016-17
Committed
ዎ⣙῭䜏
ฟᡤ: ㈈ົ┬
㈨※㍺ฟ
ᐇ㉁'Wᡂ㛗⋡࡬ࡢᐤ୚ᗘ
2.0
Average percentage contribution
ᖹᆒᐤ୚⋡䠄䠂䠅
Average percentage
contribution
ᖹᆒᐤ୚⋡䠄䠂䠅
2.0
1.5
1.5
1.0
1.0
0.5
0.5
0.0
0.0
-0.5
2005-06 ᨺ
to 2008-09
㕲㖔
Iron ore
2009-10 ᨺ
to 2012-13
▼Ⅳ
Coal
LNG
2013-14 ᨺ
to 2014-15
䛭䛾௚
Other
2015-16ᨺ
to 2016-17
-0.5
㈨※㍺ฟ
Resources exports
ฟᡤ: ㈈ົ┬
࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆࣇ࢛࣮࣒ࣛ 15
ᐇ㉁'Wᡂ㛗⋡࡬ࡢᐤ୚ᗘ
4
%࣏࢖ࣥࢺ
%࣏࢖ࣥࢺ
ண 4
ぢ㏻ࡋ
GDP ᡂ㛗⋡
3
3
Non-reฟᡤs
2
2
sectors
㠀㈨※㒊㛛
㈨※㒊㛛
1
1
0
0
⣧㈨※ᢞ㈨
-1
-1
㈨※㍺ฟ
-2
-2
2011-12
2012-13
2013-14
2014-15
2015-16
2016-17
ὀ: 㖔ᴗᢞ㈨ࡀ㍺ධࢩ࢙࢔ࡢ50%ࢆ༨ࡵࡿ࡜᝿ᐃࠋண ཬࡧぢ㏻ࡋࡣ㑅ᣲ๓⤒῭㈈ᨻぢ㏻ࡋ࡟ࡼࡿࡶࡢ
ฟᡤ: ࣮࢜ࢫࢺࣛࣜ࢔⤫ィᒁ Cat. No. 5204.0ཬࡧ5302.0ࠊ㈨※࢚ࢿࣝࢠ࣮⤒῭ᒁࠊ㈈ົ┬
ປാᕷሙ
66.0
%
Per cent
Per
cent
%
6.0
Unemployment
rate (RHS)
ኻᴗ⋡
65.5
5.0
ປാຊ⋡
Participation
rate (LHS)
65.0
64.5
Oct-08
4.0
Oct-09
Oct-10
ฟᡤ: ࣮࢜ࢫࢺࣛࣜ࢔⤫ィᒁ Cat. No. 6202.0
16 2013ᖺ12᭶11᪥ᅾ᪥࣮࢜ࢫࢺࣛࣜ࢔኱౑㤋
Oct-11
Oct-12
3.0
Oct-13
㈈ࡢ㍺ฟࢩ࢙࢔
㸦㍺ฟඛู㸧
2002-03
㡑ᅜ
2012-13
ࢽ࣮ࣗࢪ࣮
ࣛࣥࢻ
᪥ᮏ
᪥ᮏ
㡑ᅜ
ࢽ࣮ࣗࢪ࣮
ࣛࣥࢻ
ࡑࡢ௚
୰ᅜ
ࡑࡢ௚
୰ᅜ
࢖ࣥࢻ
࢖ࣥࢻ
໭⡿
໭⡿
ฟᡤ: ࣮࢜ࢫࢺࣛࣜ࢔⤫ィᒁ Cat. No. 5368.0
ᡤᚓ࡟ᑐࡍࡿఫᏯ౯᱁ࡢẚ⋡
4.5
ẚ⋡
Ratio Ratio
ẚ⋡
4.5
4.0
4.0
3.5
3.5
3.0
3.0
2.5
Sep-93
Sep-97
Sep-01
Sep-05
Sep-09
2.5
Sep-13
ὀ: ᐙィ࡟࠾ࡅࡿࢢࣟࢫࡢྍฎศᡤᚓࡢᖹᆒ್࡟ᑐࡍࡿఫᏯ౯᱁ࡢ୰ኸ್ࡢẚ⋡ࠋᡤᚓࡣࠊఫᏯ࣮ࣟࣥ㔠฼ᨭᡶ㢠᥍㝖๓࡜ࡋࠊ㠀ἲே௻ᴗࡢ཰
ධࢆྵࡲ࡞࠸ࠋ
ฟᡤ: ࣮࢜ࢫࢺࣛࣜ࢔⤫ィᒁࠊఫᏯ⏘ᴗ༠఍ࠊRP Data – Rismark♫ࠊ㈈ົ┬
࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆࣇ࢛࣮࣒ࣛ 17
⤒ᖖ཰ᨭ
ᑐ*'3ẚ䠄䠂䠅
6 Per cent of GDP
Perᑐ*'3ẚ䠄䠂䠅
cent of GDP 6
3
Trade balance
㈠᫆཰ᨭ
3
0
0
-3
-3
-6
-6
Net income
ᡤᚓ཰ᨭbalance
Current⤒ᖖ཰ᨭ
account balance
-9
-9
-12
-12
1992-93
1996-97
2000-01
2004-05
2008-09
2012-13
ฟᡤ: ࣮࢜ࢫࢺࣛࣜ࢔⤫ィᒁ Cat. Nos. 5206.0 and 5302.0.
ᡤᚓࡢᖺ㛫ఙࡧ⋡࡬ࡢᐤ୚ᗘ
4
ᖺᖹᆒᐤ୚ᗘ䝫䜲䞁䝖
ᖺᖹᆒᐤ୚ᗘ䝫䜲䞁䝖
4
3
3
2
2
1
1
0
0
-1
1960s
ᾏእ࠿ࡽࡢ⣧ᡤᚓ
1970s
1980s
ປാ⏕⏘ᛶ
1990s
ά⏝ࡉࢀ࡚࠸ࡿ
ປാຊ
-1
2000s 㹼 2013 2023ᖺࡲ࡛ࡢ10ᖺ㛫
஺᫆᮲௳
୍ேᙜࡓࡾGNI
ὀ: ປാ⏕⏘ᛶࡢ㛗ᮇᖺᖹᆒᡂ㛗⋡ࡣ2013ᖺ࠿ࡽ2023ᖺࡢ10ᖺ࡛ィ⟬ࡋࠊྠᮇ㛫ᾏእ࠿ࡽࡢ⣧ᡤᚓࡢኚ໬ࡢᐤ୚ᗘࡣࢮ࡛ࣟ࠶ࡿ࡜᝿ᐃ
ฟᡤ: ࣮࢜ࢫࢺࣛࣜ࢔⤫ィᒁ Cat. No. 5204.0ࠊ5206.0ࠊ㈈ົ┬ヨ⟬
18 2013ᖺ12᭶11᪥ᅾ᪥࣮࢜ࢫࢺࣛࣜ࢔኱౑㤋
࣮࢜ࢫࢺࣛࣜ࢔⤒῭ࡢぢ㏻ࡋ
Dr David Gruen
࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓ㈈ົ┬
࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆࣇ࢛࣮࣒ࣛ
ϮϬϭϯᖺϭϮ᭶ϭϭ᪥
ཧ⪃㈨ᩱ
࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆࣇ࢛࣮࣒ࣛ 19
ᐇ㉁'Wᡂ㛗⋡
6
%
Per cent
Per
cent
%
(f)
5
6
(p)
5
average
30-year
30ᖺᖹᆒ
4
4
3
3
2
2
1
1
0
0
-1
1984-85
1988-89
1992-93
1996-97
2000-01
2004-05
2008-09
2012-13
-1
2016-17
ฟᡤ: ࣮࢜ࢫࢺࣛࣜ࢔⤫ィᒁ Cat. No. 5204.0ࠊ㈈ົ┬
ᾘ㈝⪅ಙ㢗ឤᣦᩘ࡜ኻᴗண᝿ᣦᩘ
135
࢖ࣥࢹࢵࢡࢫ
Index
࢖ࣥࢹࢵࢡࢫ
Index
135
࢖ࣥࢹࢵࢡࢫ
Index 80
࢖ࣥࢹࢵࢡࢫ
80 Index
10ᖺᖹᆒ
10 year average
120
120
105
105
105
130
105
130
year average
10
10ᖺᖹᆒ
90
Consumer
Sentiment
ᾘ㈝⪅ಙ㢗ឤᣦᩘ
75
90
155
155
75
180
180
Unemployment
ኻᴗண᝿ᣦᩘ
Expectations
60
Oct-03
Oct-08
60
Oct-13
205
Oct-03
Oct-08
ฟᡤ:࢙࢘ࢫࢺࣃࢵࢡ࣭࣓࣭ࣝ࣎ࣝࣥ࢖ࣥࢫࢸ࢕ࢸ࣮ࣗࢺ㸦WMI㸧ᾘ㈝⪅ಙ㢗ឤㄪᰝཬࡧᾘ㈝⪅ࡢኻᴗண᝿ㄪᰝ
20 2013ᖺ12᭶11᪥ᅾ᪥࣮࢜ࢫࢺࣛࣜ࢔኱౑㤋
205
Oct-13
ປാᕷሙ
⥲ປാ᫬㛫ࡢቑῶࢺࣞࣥࢻ
5
๓ᖺẚ
Ppts (tty)
๓ᖺẚ
Ppts
(tty)
Total hours
⥲ປാ᫬㛫
3
5
3
1
1
Employment
㞠⏝
-1
-1
Average
hours
ᖹᆒ᫬㛫
-3
Oct-07
Oct-09
-3
Oct-13
Oct-11
ฟᡤ: ࣮࢜ࢫࢺࣛࣜ࢔⤫ィᒁ Cat. No. 6202.0.
7.0
ኻᴗ⋡
ண ẚ㍑
ϮϬϭϯ
%
Per cent
%
Per cent
7.0
7.0
6.5
6.5
6.5
%
Per cent
ϮϬϭϰ
%
Per cent
7.0
6.5
Latest
forecast
᭱᪂ண 6.0
6.0
6.0
6.0
Budget
ண⟬
5.5
ண⟬
Budget
5.5
5.5
5.5
5.0
5.0
5.0
4.5
4.5
4.0
4.0
Latest
᭱᪂ண forecast
5.0
4.5
ࢥࣥࢭࣥࢧࢫண᝿ࡢᖹᆒ್
Mean of consensus forecasts
Range of consensus forecasts
ࢥࣥࢭࣥࢧࢫண᝿ࡢࣞࣥࢪ
4.0
3.5
Jan-13
Apr-13
Jul-13
3.5
Oct-13
3.5
Jan-13
ࢥࣥࢭࣥࢧࢫண᝿ࡢᖹᆒ್
Mean of consensus forecasts
ࢥࣥࢭࣥࢧࢫண᝿ࡢࣞࣥࢪ
Range of consensus forecasts
4.5
4.0
Apr-13
Jul-13
3.5
Oct-13
ὀ: ㉥༳ࡣ࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓࡢண ฟᡤ:ࢥࣥࢭࣥࢧࢫ࣭࢚ࢥࣀ࣑ࢵࢡࢫ♫ࠊ㈈ົ┬
࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆࣇ࢛࣮࣒ࣛ 21
䜸䞊䝇䝖䝷䝸䜰ᨻᗓമๆ䝣䜷䞊䝷䝮
䜸䞊䝇䝖䝷䝸䜰ᅜമᕷሙ
Rob Nicholl
䜸䞊䝇䝖䝷䝸䜰㈈ົ┬മົ⟶⌮ᗇ䚸᭱㧗ᇳ⾜ᐁ
2013ᖺ12᭶
2
䜲䞁䝖䝻䝎䜽䝅䝵䞁
¾ 㻳㻰㻼㻝඙㻡༓൨㇦䝗䝹䜢᭷䛩䜛ୡ⏺➨㻝㻞఩䛾⤒῭኱ᅜ
¾ ᨻ⟇㔠฼:2.50%
¾ ᅜമ฼ᅇ䜚 Ͳ>3ᖺ≀:3.1%/10ᖺ≀:4.2%/15ᖺ≀:4.6%
¾ 䝇䝍䞁䝎䞊䝗䞉䜰䞁䝗䞉䝥䜰䞊䝈䛜AAA᱁௜䛡䠄Ᏻᐃⓗ䠅䜢௜䛡䜛㻟ᕷሙ
䠄മๆṧ㧗䠙㻞㻘㻜㻜㻜൨⡿䝗䝹㉸䠅䛾䜂䛸䛴
¾ ㇦䝗䝹䛾Ⅽ᭰ྲྀᘬ㔞䛿඲㏻㈌୰➨㻡఩䚸㇦䝗䝹㻛⡿䝗䝹䛾Ⅽ᭰ྲྀᘬ㔞
䛿㏻㈌䝨䜰ู䛷➨㻠఩
ฟ඾:䜸䞊䝇䝖䝷䝸䜰⤫ィᒁ䚸BIS䚸IMF䚸䜸䞊䝇䝖䝷䝸䜰‽ഛ㖟⾜
22 2013ᖺ12᭶11᪥ᅾ᪥࣮࢜ࢫࢺࣛࣜ࢔኱౑㤋
3
䜸䞊䝇䝖䝷䝸䜰
6ᕞ䛸2ᆅᇦ
໭㒊‽
ᕞ
す࣮࢜ࢫࢺࣛ
ࣜ࢔ᕞ
༡࣮࢜ࢫ
ࢺࣛࣜ࢔
ᕞ
ࢡ࢖࣮ࣥ
ࢬࣛࣥࢻᕞ
ࢽ࣮ࣗࢧ࢘ࢫ
࢙࣮࢘ࣝࢬᕞ
䜸䞊䝇䝖䝷䝸䜰㤳㒔≉ูᆅᇦ
ࣅࢡࢺࣜ࢔
ᕞ
ࢱࢫ࣐ࢽ࢔ᕞ
4
ṓධᵓ㐀
100
Percentof
䜸䞊䝇䝖䝷䝸䜰䛾
⛯཰䛻䛚䛡䜛๭ྜ
AustralianTaxRevenue
㐃㑥ᨻᗓ
Commonwealth
ᕞᨻᗓ䠄ᆅ᪉䜢ྵ䜐䠅
State(inc.Local)
䜸䞊䝇䝖䝷䝸䜰䛾
Percentof
⛯཰䛻䛚䛡䜛๭ྜ
AustralianTaxRevenue
100
90
90
80
80
70
70
60
60
50
50
40
40
30
30
20
20
10
10
0
0
2007Ͳ08
2008Ͳ09
2009Ͳ10
2010Ͳ11
2011Ͳ12
䜸䞊䝇䝖䝷䝸䜰㐃㑥ᨻᗓ䛿ᕞᨻᗓ䜔䝔䝸䝖䝸䞊䜘䜚䜒㧗㢠䛺⛯཰䜢ᚓ䛶䛔䜛….
ฟ඾: 䜸䞊䝇䝖䝷䝸䜰⤫ィᒁ
࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆࣇ࢛࣮࣒ࣛ 23
5
ᕞ/ࢸࣜࢺ࣮ࣜࡢ⛯཰※
2011ᖺ㹼2012ᖺ
100%
⥲ṓධ䛻䛚
Percentof
䛡䜛๭ྜ
TotalRevenue
ᕞ⛯ 䠄ྵᆅ᪉䠅
State(inc.Local)Taxes
䛭䛾௚⊂⮬䛾ṓධ※
OtherOwnͲSourceRevenue
GST(FederalTransfer)
≀ရ䝃䞊䝡䝇⛯
䠄㐃㑥ᨻᗓ䛛䜙䛾㈈※⛣㌿䠅
SpecificPurposePayments(FederalTransfer)
≉ู┠ⓗᨭᡶ (䠄㐃㑥ᨻᗓ䛛䜙䛾㈈※⛣㌿䠅
⥲ṓධ䛻䛚
Percentof
䛡䜛๭ྜ
TotalRevenue
100%
90%
90%
80%
80%
70%
70%
60%
60%
50%
50%
40%
40%
30%
30%
20%
20%
10%
10%
0%
0%
䝙䝳䞊䝃䜴䝇
NSW
䜴䜵䞊䝹䝈ᕞ
VIC
䝡䜽䝖䝸䜰ᕞ
QLD
䜽䜲䞊䞁䝈䝷䞁䝗ᕞ
WA
す䜸䞊䝇䝖䝷䝸䜰ᕞ
༡䜸䞊䝇䝖䝷䝸䜰ᕞ
SA
䜸䞊䝇䝖䝷䝸䜰
ACT
㤳㒔≉ูᆅᇦ
䝍䝇䝬䝙䜰ᕞ
TAS
໭㒊‽ᕞ
NT
…䛭䛣䛷䚸㐃㑥ᨻᗓ䛿䚸ᕞᨻᗓ䜔䝔䝸䝖䝸䞊䛾ṓฟᚲせ㢠䜢⿵䛶䜣䛩䜛䛯䜑䚸㈈※䜢⛣㌿䛧䛶䛔䜛䚹
ฟ඾:䜸䞊䝇䝖䝷䝸䜰⤫ィᒁ䚸㐃㑥⿵ຓ㔠ጤဨ఍䚸㈈ົ┬ – FBO2011Ͳ12ᖺ
6
㐃㑥ᨻᗓࡢ⛯ᇶ┙
350
10൨㇦䝗䝹
A$Billion
A$Billion
10൨㇦䝗䝹
350
300
300
250
250
200
200
150
150
100
100
50
50
0
0
PersonalIncomeTax
CompanyTax
ಶேᡤᚓ⛯
௻ᴗ⛯
GST
≀ရ䝃䞊䝡䝇⛯
ExcisesandLevies
ᾘ㈝⛯
Other
䛭䛾௚
Total
ྜィ
2002ᖺᗘ䡚2011ᖺᗘ
ฟ඾:䜸䞊䝇䝖䝷䝸䜰⤫ィᒁ
24 2013ᖺ12᭶11᪥ᅾ᪥࣮࢜ࢫࢺࣛࣜ࢔኱౑㤋
7
ᨻᗓ㛫䛾㈈ᨻᵓ㐀
㈨㔠䛾ฟᡤ
㈨㔠䛾౑㏵
㐃㑥ᨻᗓ䛾ᢪ䛘䜛ၥ㢟
㐃㑥ᨻᗓ䛿
⛯㔠䛛䜙
㈨㔠䜢ㄪ㐩
Ᏻ඲
㜵⾨
⛣Ẹ
⎔ቃ
ᕞᨻᗓ䛾ᢪ䛘䜛ၥ㢟
ᕞᨻᗓ/䝔䝸䝖䝸䞊ᨻᗓ䛿
ṓධ䛾༙ศ௨ୖ䛜
㐃㑥ᨻᗓ䛻䜘䜛⿵䛶䜣
㐨㊰
Ꮫᰯ
ఫᏯཬ䜃⑓㝔
㆙ᐹཬ䜃ᩆᛴ䝃䞊䝡䝇
ฟ඾:㐃㑥㆟఍ᩍ⫱ᗇ
8
⣧മົ
௚䛾AAA᱁௜(Ᏻᐃⓗ䠅ᅜ䛸䛾ẚ㍑䠄2013ᖺᗘ䡚2018ᖺᗘ䠅
50
ᑐGDPẚ䠄䠂䠅
PercentofGDP
PercentofGDP
ᑐGDPẚ䠄䠂䠅
50
25
25
0
0
Ͳ25
Ͳ25
Ͳ50
Ͳ50
Ͳ75
Ͳ75
Ͳ100
Ͳ100
Ͳ125
Ͳ125
Ͳ150
Ͳ150
Ͳ175
Ͳ175
Ͳ200
Ͳ200
Australia 䜸䞊䝇䝖䝷䝸䜰
Australia
䜸䞊䝇䝖䝷䝸䜰
䠄ᕞᨻᗓ䜢㝖䛟䠅
exStates
Norway
䝜䝹䜴䜵䞊
Sweden
䝇䜴䜵䞊䝕䞁
Finland
䝣䜱䞁䝷䞁䝗
Denmark
䝕䞁䝬䞊䜽
Switzerland
䝇䜲䝇
Canada
䜹䝘䝎
ὀ:ୖグࢹ࣮ࢱࡣ୍⯡ᨻᗓമົࡢྜィ್ࠋࠕ࣮࢜ࢫࢺࣛࣜ࢔(ᕞᨻᗓࢆ㝖ࡃ㸧ࠖࡣࠊ2013Ͳ14ᖺᗘࡢᮇ㛫ࢹ࣮ࢱࠋ
ࡑࡢ௚ࡣ඲࡚2013ᖺ௨㝆ࡢᬺᖺࢹ࣮ࢱࠋࢩ࣏࣮ࣥ࢞ࣝࡢࢹ࣮ࢱࡣྲྀᚓ࡛ࡁࡎࠋ
ฟ඾:㈈ົ┬ – PEFO2013,IMF㈈ᨻ䝰䝙䝍䞊
࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆࣇ࢛࣮࣒ࣛ 25
9
䜸䞊䝇䝖䝷䝸䜰䛾㈈ᨻ≧ἣ
ᑐGDPẚ䠄䠂䠅
ᑐGDPẚ䠄䠂䠅
ண᝿
ฟ඾:㈈ົ┬ – PEFO2013,FBO2012Ͳ13
10
࣮࢜ࢫࢺࣛࣜ࢔ᅜമ
TreasuryBonds
䝖䝺䝆䝱䝸䞊䞉䝪䞁䝗
10൨㇦䝗䝹
A$Billion
TreasuryIndexedBonds
䝖䝺䝆䝱䝸䞊䞉䜲䞁䝕䝑䜽䝇䞉䝪䞁䝗
A$Billion
10൨㇦䝗䝹
$7.5
$21.0
$255.8
TreasuryNotes
䝖䝺䝆䝱䝸䞊䞉䝜䞊䝖
10൨㇦䝗䝹
A$Billion
$60.0
$53.8
$4.0
$4.0
$28.2
Act.NetIss.
2012Ͳ13
Act.Gross Iss.
2012Ͳ13
Exp. NetIss.
2013Ͳ14
Exp. Gross Iss.
2013Ͳ14
$37.0
¾ ⌧ᅾ18ᮏ䛜኎ฟ୰
¾ ෆ䚸15ᮏ䛿Ⓨ⾜㢠䛜100
൨㇦䝗䝹㉸
¾ ൾ㑏ᮇ㝈䛿2013ᖺ䛛䜙
2029ᖺ
$2.3
$2.3
¾ ⌧ᅾ6ᮏ䛜኎ฟ୰
¾ ൾ㑏ᮇ㝈䛿2015ᖺ䛛䜙
2035ᖺ
¾ ⌧ᅾ4ᮏ䛜኎ฟ୰
¾ ൾ㑏ᮇ㝈䛿኱༙䛜6䞄᭶
ᮍ‶
ฟ඾:䜸䞊䝇䝖䝷䝸䜰㈈ົ┬മົ⟶⌮ᗇ
26 2013ᖺ12᭶11᪥ᅾ᪥࣮࢜ࢫࢺࣛࣜ࢔኱౑㤋
11
ࢺࣞࢪ࣮࣭ࣕࣜ࣎ࣥࢻൾ㑏ᮇ㝈ࡢᴫせ
2009ᖺ6᭶
2011ᖺ6᭶
2013ᖺ10᭶
10൨㇦䝗䝹
10൨㇦䝗䝹
䜹䞊䝤䛾㛗ᮇ໬
ฟ඾:䜸䞊䝇䝖䝷䝸䜰㈈ົ┬മົ⟶⌮ᗇ
12
࣮࢜ࢫࢺࣛࣜ࢔ᅜമࡢⓎ⾜≧ἣ
10൨㇦䝗䝹
ᑐGDPẚ䠄䠂䠅
(ண᝿)
䜸䞊䝇䝖䝷䝸䜰ᅜമṧ㧗䛾ᑐGDPẚ䠄䠂䠅
2001ᖺ6᭶
2002ᖺ6᭶
2003ᖺ6᭶
2004ᖺ6᭶
2005ᖺ6᭶
2006ᖺ6᭶
2007ᖺ6᭶
2008ᖺ6᭶
2009ᖺ6᭶
2010ᖺ6᭶
2011ᖺ6᭶
2012ᖺ6᭶
2013ᖺ6᭶
2014ᖺ6᭶
2015ᖺ6᭶
2016ᖺ6᭶
2017ᖺ6᭶
ฟ඾:䜸䞊䝇䝖䝷䝸䜰㈈ົ┬മົ⟶⌮ᗇ䚸㈈ົ┬ – PEFO2013,䜸䞊䝇䝖䝷䝸䜰⤫ィᒁ
࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆࣇ࢛࣮࣒ࣛ 27
13
ࢺࣞࢪ࣮࣭ࣕࣜ࣎ࣥࢻ
18ᮏࢆເ㞟୰ࠊෆ15ᮏࡣⓎ⾜㢠100൨㇦ࢻࣝ㉸
2013ᖺ10᭶䜎䛷䛾㏣ຍⓎ⾜ணᐃ㢠
2013ᖺ6᭶ᮎ⌧ᅾ䛾ṧ㧗
10൨㇦䝗䝹
10൨㇦䝗䝹
2013ᖺ
12᭶
2014ᖺ 2014ᖺ 2015ᖺ 2015ᖺ 2016ᖺ 2017ᖺ 2017ᖺ 2018ᖺ 2019ᖺ 2020ᖺ 2021ᖺ 2022ᖺ
4᭶
2᭶
7᭶
1᭶
3᭶
5᭶
6᭶
7᭶
6᭶
10᭶
10᭶
4᭶
2023ᖺ 2024ᖺ 2025ᖺ 2027ᖺ 2029ᖺ [ൾ㑏ᮇ㝈]
4᭶
4᭶
4᭶
4᭶
4᭶
ฟ඾:䜸䞊䝇䝖䝷䝸䜰㈈ົ┬മົ⟶⌮ᗇ
ࢺࣞࢪ࣮࣭ࣕࣜ࣎ࣥࢻࡢᕷሙฟ᮶㧗
14
࢔࢘ࢺࣛ࢖ࢺྲྀᘬ࡜࣏ࣞྲྀᘬ
450
10൨㇦䝗䝹
A$billion
Turnoverratio
ᅇ㌿⋡
2.50
400
350
2.00
Turnoverratio(RHS)
ᅇ㌿⋡ (ྑ㍈䠅
䝖䝺䝆䝱䝸䞊䞉䝪䞁䝗ฟ᮶㧗
䠄ᕥ㍈䠅
TBturnover(LHS)
300
1.50
250
200
1.00
150
100
0.50
50
0
0.00
2008
2009
2010
2011
2012
2013
᭶୰ࡢฟ᮶㧗
(3ࣨ᭶⛣ືᖹᆒ)
ὀ:ᅇ㌿⋡㸸᭶୰ࡢฟ᮶㧗ࢆ᭶ᮎ᫬Ⅼࡢമๆṧ㧗࡛㝖ࡋࡓ್
ฟ඾:䜸䞊䝇䝖䝷䝸䜰㈈ົ┬മົ⟶⌮ᗇ,䜸䞊䝇䝖䝷䝸䜰‽ഛ㖟⾜
28 2013ᖺ12᭶11᪥ᅾ᪥࣮࢜ࢫࢺࣛࣜ࢔኱౑㤋
15
ࢺࣞࢪ࣮࣭ࣕࣜ࢖ࣥࢹࢵࢡࢫ࣭࣎ࣥࢻ
Ⓨ⾜㢠
2013ᖺ6᭶ᮎ⌧ᅾ䛾ṧ㧗
2013ᖺ10᭶䜎䛷䛾㏣ຍⓎ⾜ணᐃ㢠
10൨㇦䝗䝹
10൨㇦䝗䝹
2015ᖺ8᭶
2020ᖺ8᭶
2022ᖺ2᭶
2025ᖺ9᭶
2030ᖺ9᭶
2035ᖺ8᭶
[ൾ㑏ᮇ㝈]
ฟ඾:䜸䞊䝇䝖䝷䝸䜰㈈ົ┬മົ⟶⌮ᗇ
16
ᾏእᢞ㈨ᐙࡀ㑅⪃ࡍࡿ࣮࢜ࢫࢺࣛࣜ࢔ᅜമ
䝟䞊䝉䞁䝖
᫬౯䠄10൨㇦䝗䝹䠅
䜸䞊䝇䝖䝷䝸䜰ᅜമ (TB&TIBs)(ᕥ㍈䠅
㠀ᒃఫ⪅䛻䜘䜛ಖ᭷ (ᕥ㍈䠅
㠀ᒃఫ⪅䛻䜘䜛ಖ᭷䛾๭ྜ(ྑ㍈䠅
ฟ඾:䜸䞊䝇䝖䝷䝸䜰㈈ົ┬മົ⟶⌮ᗇ,䜸䞊䝇䝖䝷䝸䜰⤫ィᒁ
࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆࣇ࢛࣮࣒ࣛ 29
17
䝋䝤䝸䞁മ䝇䝥䝺䝑䝗
䜸䞊䝇䝖䝷䝸䜰ᅜമ䛸⡿ᅜമ䛾฼ᅇ䜚ẚ㍑
Ausvs.US
䝧䞊䝅䝇䝫䜲䞁䝖
600
Basispoints
2yrbondspread
2ᖺമ฼ᅇ䜚᱁ᕪ
5yrbondspread
5ᖺമ฼ᅇ䜚᱁ᕪ
10yrbondspread
10ᖺമ฼ᅇ䜚᱁ᕪ
䝧䞊䝅䝇䝫䜲䞁䝖
Basispoints
600
500
500
400
400
300
300
200
200
100
100
0
2005
0
2006
2007
2008
2009
2010
2011
2012
2013
䜸䞊䝇䝖䝷䝸䜰ᅜമ䛸᪥ᮏᅜമ䛾฼ᅇ䜚ẚ㍑
Ausvs.Japan
700
䝧䞊䝅䝇䝫䜲䞁䝖
Basispoints
2yrbondspread
2ᖺമ฼ᅇ䜚᱁ᕪ
5ᖺമ฼ᅇ䜚᱁ᕪ
5yrbondspread
10ᖺമ฼ᅇ䜚᱁ᕪ
10yrbondspread
䝧䞊䝅䝇䝫䜲䞁䝖
Basispoints
700
600
600
500
500
400
400
300
300
200
200
100
100
0
2005
0
2006
2007
2008
2009
2010
2011
2012
2013
ฟ඾:䝤䝹䞊䝮䝞䞊䜾
18
ࢯࣈࣜࣥമ฼ᅇࡾཬࡧಙ⏝᱁௜ࡅ
࣮࢜ࢫࢺࣛࣜ࢔ᑐOECDㅖᅜ
䝙䝳䞊䝆䞊䝷䞁䝗
䜲䝍䝸䜰
୰ᅜ
䜸䞊䝇䝖䝷䝸䜰
䝇䝨䜲䞁
䜰䜲䝹䝷䞁䝗
䝜䝹䜴䜵䞊
10ᖺ≀฼ᅇ䜚 (%)
⡿ᅜ
ⱥᅜ
䜹䝘䝎
䝇䜴䜵䞊䝕䞁
䜸䝷䞁䝎
䝕䞁䝬䞊䜽
䝣䝷䞁䝇
䝣䜱䞁䝷䞁䝗
䝗䜲䝒
᪥ᮏ
䝇䝍䞁䝎䞊䝗䞉䜰䞁䝗䞉䝥䜰䞊䝈䛻䜘䜛㛗ᮇമ䠄ྵᆅ᪉മ䠅䛾ಙ⏝᱁௜䛡
୰ᅜࡣṇᘧ࡟ࡣOECDຍ┕ᅜ࡛ࡣ࡞࠸ࡀࠊOECDጤဨ఍άື࡟࢜ࣈࢨ࣮ࣂ࣮࡜ࡋ࡚ཧຍࡍࡿࡇ࡜ࡶ࠶ࡿࡓ
ࡵࠊୖᅗ࡛ࡣࠊẚ㍑ཧ⪃┠ⓗ࡛ᥖ㍕ࠋ
30 2013ᖺ12᭶11᪥ᅾ᪥࣮࢜ࢫࢺࣛࣜ࢔኱౑㤋
ฟ඾䠖䝤䝹䞊䝮䝞䞊䜾䚸䝇䝍䞁䝎䞊䝗䞉䜰䞁䝗䞉䝥䜰䞊䝈
19
ࢺࣜࣉࣝA㏻㈌ࡢὶືᛶ
㸦⮬ᅜ㏻㈌ࢆᣢࡘᅜ࡟㛵ࡋ࡚㸧
㇦䝗䝹
䝇䜲䝇䝣䝷䞁
ຍ䝗䝹
䝇䜴䜵䞊䝕䞁
䜽䝻䞊䝛 (SEK)
䝅䞁䜺䝫䞊䝹
䝗䝹 (SGD)
䝜䝹䜴䜵䞊
䜽䝻䞊䝛 (NOK)
䝕䞁䝬䞊䜽
䜽䝻䞊䝛 (DKK)
䜾䝻䞊䝞䝹Ⅽ᭰ྲྀᘬ䛻༨䜑䜛䝅䜵䜰
ὀ:୍ྲྀᘬ࡟ࡣ2ࡘࡢ㏻㈌ࡀ㛵ࢃࡿࡇ࡜࠿ࡽࠊྛ㏻㈌ࢩ࢙࢔ࡢྜィࡣ100%࡛ࡣ࡞ࡃࠊ200%࡟࡞ࡿࠋ
ࣇ࢕ࣥࣛࣥࢻࡣ࣮ࣘࣟᅪࡢ୍㒊ࠋ
ฟ඾:BIS(እᅜⅭ᭰䛚䜘䜃䝕䝸䝞䝔䜱䝤ᕷሙྲྀᘬ䛻㛵䛩䜛3ᖺ䛻୍ᗘ䛾୰ኸ㖟⾜ㄪᰝ 2013ᖺ䠅
࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆࣇ࢛࣮࣒ࣛ 31
䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞ – ᢞ㈨ᐙྥ䛡䜰䝑䝥䝕䞊䝖
Stephen Knight
᳹Ⳬ⚵圊⸷⎟
䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞ㈈ົබ♫
2013ᖺ11᭶
䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈 (NSW)ᕞ
䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈䠄NSW䠅
ᕞ䛿䜸䞊䝇䝖䝷䝸䜰䛷᭱䜒ேཱྀ
䛜ከ䛟䚸⤒῭つᶍ䛾኱䛝䛔ᕞ䛷
䛒䜛䚹NSWᕞ䛾ேཱྀཬ䜃GDP
䛿䚸䜸䞊䝇䝖䝷䝸䜰඲య䛾3ศ䛾
1㏆䛟䛻㐩䛩䜛䚹
ேཱྀ: 730୓ே
GDP: 4,340൨㇦䝗䝹
䜸䞊䝇䝖䝷䝸䜰᭱኱䛾㒔ᕷ䛷䛒䜚
㔠⼥䝉䞁䝍䞊䛷䜒䛒䜛䝅䝗䝙䞊
䛿䚸䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞ
䛻఩⨨䛩䜛䚹
㔠⼥䝉䜽䝍䞊䛾ᑵᴗ⪅ᩘ䛿
䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞ඲య
䛾ഹ䛛4.9%䛰䛜䚸ྠ䝉䜽䝍䞊䛿
ᕞෆ⥲⏕⏘(GSP)䛾15%䜢༨
䜑䛶䛔䜛䚹
2
/ ᢞ㈨ᐙ㐠⏝䜰䝑䝥䝕䞊䝖
32 2013ᖺ12᭶11᪥ᅾ᪥࣮࢜ࢫࢺࣛࣜ࢔኱౑㤋
ᶵᐦ㈨ᩱ
䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞ䛾⤒῭ – ᇶᮏ᝟ሗ
• 䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞ䛿䜰䝆䜰ኴᖹὒ⤒῭䛻䛚䛡䜛୰ᚰⓗ䛺
Ꮡᅾ䛷䛒䜛䚹䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞ䛾⤒῭つᶍ䛿㤶 䚸䝍䜲䚸
䝬䝺䞊䝅䜰䚸䝅䞁䜺䝫䞊䝹䚸䝣䜱䝸䝢䞁䛾ྛᅜ⤒῭つᶍ䜘䜚䜒኱䛝
䛔䚹
• 䜸䞊䝇䝖䝷䝸䜰‽ഛ㖟⾜(RBA)䚸䜸䞊䝇䝖䝷䝸䜰೺඲ᛶつไᗇ
(APRA)䚸䜸䞊䝇䝖䝷䝸䜰ドๆᕷሙ(ASX)䚸Chi-X䚸䝅䝗䝙䞊ඛ≀ྲྀᘬ
ᡤ(SFE)➼䚸䜸䞊䝇䝖䝷䝸䜰䛾୺せ䛺㔠⼥䜲䞁䝣䝷䛿䝙䝳䞊䝃䜴䝇
䜴䜵䞊䝹䝈ᕞ䛻఩⨨䛧䛶䛔䜛䚹
• 䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞ䛿䜸䞊䝇䝖䝷䝸䜰᭱኱䛾〇㐀ᴗ䜢᧦䛧䚸
ᕤᴗ〇ရ䛾㍺ฟ䜢≌ᘬ䛧䛶䛔䜛䚹
• 䝅䝗䝙䞊䛿䜸䞊䝇䝖䝷䝸䜰䛾≀ὶ䚸ྲྀᘬ䛾ฟධ䜚ཱྀ䛸䛺䛳䛶䛚䜚䚸ᅜ
඲య䛾50%㏆䛟䛾ᅜ㝿⯟✵㈌≀䛜䝅䝗䝙䞊䜢㏻㐣䛩䜛䚹
3
/ ᢞ㈨ᐙ㐠⏝䜰䝑䝥䝕䞊䝖
ᶵᐦ㈨ᩱ
䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞ䛾⤒῭ – ᡂ㛗䝖䝺䞁䝗
• 䜸䞊䝇䝖䝷䝸䜰᭱኱䛾⤒῭つᶍ䜢᭷䛩䜛䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞ䛾⤒
῭ᡂ㛗⋡䛿䚸2000ᖺ௦䛿䜋䜌ᖖ䛻඲ᅜᖹᆒ䜢ୗᅇ䛳䛶䛔䛯䛜䚸⌧ᅾ䛿
ୖᅇ䛳䛶䛔䜛䚹
• 㐣ཤ2ᖺ㛫䚸䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞ䛿᭱䜒ከ䛟㞠⏝䜢๰ฟ䛧䚸᭱䜒ప
䛔ኻᴗ⋡䜢⥔ᣢ䛧䛶䛔䜛ᕞ䛷䛒䜛䚹
• ከᵝ䛺䝃䞊䝡䝇⏘ᴗ䚸ప㔠฼䚸ᨻᗓ䛾✚ᴟⓗ䛺ྲྀ⤌䜏䚸ᘓタ䝉䜽䝍䞊䛾
ᅇ᚟➼䛜䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞ䛾᭦䛺䜛ᡂ㛗䜢≌ᘬ䛧䛶䛔䜛䚹
4
/ ᢞ㈨ᐙ㐠⏝䜰䝑䝥䝕䞊䝖
ᶵᐦ㈨ᩱ
࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆࣇ࢛࣮࣒ࣛ 33
άẼ䛵䛟ఫᏯ䝉䜽䝍䞊
ఫᏯᘓタཬࡧ㔠฼
%
%
40
-4
䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞ ఫᏯᘓタ
%y/y(lhs)
20
-2
0
0
㔠฼ኚື
12䞄᭶ඛ⾜䚸཯㌿ (rhs)
-20
2
Correlation: -61%
-40
Oct-97
4
Oct-00
Oct-03
Oct-06
Oct-09
Oct-12
• ᨻᗓ䛾ᨭ᥼⟇䛸ప㔠฼䛻䜘䜚䚸䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞ䛾ఫᏯᘓタ䛜άⓎ໬䛧䛶䛚䜚䚸䜸䞊䝇䝖䝷䝸䜰⤒῭
䛜㖔ᴗタഛᢞ㈨౫Ꮡయ㉁䛛䜙⬺༷䛩䜛䛝䛳䛛䛡䛸䛺䛳䛶䛔䜛䚹
/ ᢞ㈨ᐙ㐠⏝䜰䝑䝥䝕䞊䝖
5
ᶵᐦ㈨ᩱ
ఫᏯ䝉䜽䝍䞊䛾䝎䜲䝘䝭䜽䝇
䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈 ᕞ
ఫᏯᢞ㈨
%
ఫᏯ࣮ࣟࣥമົ୙ᒚ⾜⋡
%
1.0
8
%
1.0
ఫᏯᢞ㈨䛿㐣ཤ10ᖺ㛫㛗ᮇᖹ
ᆒ䜢ୗᅇ䛳䛶䛔䜛䚹
Qld
䠄䜽䜲䞊䞁䝈
䝷䞁䝗ᕞ䠅
0.8
7
0.8
NSW
䠄䝙䝳䞊䝃䜴䝇
䜴䜵䞊䝹䝈ᕞ䠅
0.6
6
0.6
0.4
5
0.4
㛗ᮇᖹᆒ
䜸䞊䝇䝖䝷䝸䜰඲య
Vic
WA 䠄䝡䜽䝖䝸䜰ᕞ䠅
䠄す䜸䞊䝇䝖䝷䝸䜰ᕞ䠅
0.2
4
0.2
ᕞ᭱⤊㟂せ䛾䝅䜵䜰 (%)
SA
䠄༡䜸䞊䝇䝖䝷䝸䜰ᕞ䠅
ฟᡤ: ANZ
0.0
3
1985
6
1990
1995
2000
2005
2010
ᨻᗓ䛿ఫᏯ౪⤥䜢ಁ㐍䛥䛫䜛
Ⅽ䚸」ᩘ䛾ᨵ㠉䜢ᐇ᪋䚹
Jan-06
/ ᢞ㈨ᐙ㐠⏝䜰䝑䝥䝕䞊䝖
34 2013ᖺ12᭶11᪥ᅾ᪥࣮࢜ࢫࢺࣛࣜ࢔኱౑㤋
0.0
Jan-08
Jan-10
Jan-12
䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞ䛾ఫ
Ꮿ䝻䞊䞁മົ୙ᒚ⾜⋡䛿඲ᕞ
䛷᭱䜒ప䛔䚹
䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞ ປാᕷሙ䛿ዲㄪ
䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞ⤒῭
䛿㛗ᖺ䚸ᨻ⟇㔠฼䛾ኚື䛻ᩄ
ឤ䛷䛒䜛䚹
㞠⏝ࡢఙࡧ
%
5
6
䛭䛾௚䛾ᕞ
%y/y, 3䞄᭶ᖹᆒ
ࢽ࣮ࣗࢧ࢘ࢫ࢙࣮࢘ࣝࢬᕞ
⏘ᴗู㞠⏝
%
%
6
15
5
䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞ䛾ປ
ാᕷሙ䛾ᅇ᚟䛿䚸㖔ᴗ䛜୺せ
⏘ᴗ䛷䛒䜛௚ᕞ䜘䜚┠ぬ䛧䛔䚹
䝦䝹䝇䜿䜰
ᑠ኎ᴗ
12
4
4
3
3
〇㐀ᴗ
⛉Ꮫᢏ⾡
9
ᘓタᴗ
2
2
ᩍ⫱⏘ᴗ
6
1
䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞ䛾ኻ
ᴗ⋡䛿す䜸䞊䝇䝖䝷䝸䜰ᕞ䛻ḟ
䛔䛷ప䛔䚹
1
㔠⼥ᴗ
3
0
-1
Jan-00
7
0
NSW
%y/y, 3䞄᭶ᖹᆒ
-1
Jan-03
Jan-06
Jan-09
Jan-12
㖔ᴗ
0
Nov-00
Nov-03
Nov-06
Nov-09
Nov-12
/ ᢞ㈨ᐙ㐠⏝䜰䝑䝥䝕䞊䝖
䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞᨻᗓ䛾㈈ᨻᡓ␎
•
2011ᖺ3᭶䚸ಖᏲ㐃ྜ䠄⮬⏤ඪ䞉ᅜẸඪ䠅䛻ᨻᶒ஺௦
•
2012ᖺ㈈ᨻ㈐௵ἲ – ಙ⏝᱁௜䛡 “AAA” ⥔ᣢ䜢බ⣙
•
2䛴䛾ᇶᮏ᪉㔪䛻ᇶ䛵䛟㈈ᨻᡓ␎
1. ṓฟఙ䜃⋡䛾పῶ
ᣢ⥆ྍ⬟䛺㈈ᨻ㯮Ꮠ
2. 䜲䞁䝣䝷䝥䝻䜾䝷䝮䛾㈨㔠※䛸䛧䛶䚸㈨⏘኎༷ཬ䜃䝸䞊䝇䠄⬺ሷ䝥䝷䞁䝖䜔 䠅䛻
ຍ䛘䚸බඹཬ䜃Ẹ㛫䝉䜽䝍䞊䛾മๆ䜢Ⓨ⾜
8
/ Presentation Title
ᶵᐦ㈨ᩱ
࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆࣇ࢛࣮࣒ࣛ 35
2012ᖺ㈈ᨻ㈐௵ἲ
2012ᖺ㈈ᨻ㈐௵ἲ䛿䚸ಙ⏝᱁௜䛡“AAA”䛸䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞ䛾ᕞ
Ẹ䜈䛾䝃䞊䝡䝇ᥦ౪䜢⥔ᣢ䛩䜛䛾䛻ᚲせ䛺䚸㈈ᨻ㈐௵ཬ䜃ᡓ␎䛾ᯟ⤌䜏
䜢☜❧䚹
ྠἲ䛾ᇶᮏ᪉㔪䛿䚸௨ୗ䛾᪉ἲ䛻䜘䜚䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞ䛾ಙ⏝᱁௜䛡
“AAA”䛾⥔ᣢ䜢ᅗ䜛䛣䛸䠖
• 2䛴䛾㈈ᨻ┠ᶆ䠖
± ṓฟఙ䜃⋡䛜㛗ᮇⓗ䛺ṓධఙ䜃⋡䜢ୖᅇ䜙䛺䛔䜘䛖䛻䛩䜛䚹
± 2030ᖺ䜎䛷䛻ᮍ✚❧㏥⫋ᖺ㔠മົ䜢ゎᾘ䛩䜛䚹
• 3䛴䛾ᇶᮏ᪉㔪䠖
± ㈐௵䛒䜛ᣢ⥆ྍ⬟䛺ᨭฟ䚸ㄢ⛯䚸ᢞ㈨
± ຠᯝⓗ䛺㈈ົཬ䜃㈨⏘⟶⌮
± ୡ௦㛫බᖹᛶ䛾ᐇ⌧
• ྠἲ䛿䚸ᖺḟண⟬ሗ࿌᭩䛷┠ᶆ䜔ᇶᮏ᪉㔪䛾㐙⾜䜢ሗ࿌䛩䜛䛣䛸䜢⩏ົ௜䛡䛶
䛚䜚䚸㐩ᡂ䛷䛝䛺䛔ሙྜ䛿ᨵၿ⟇䜢ồ䜑䜛䚹
9
/
ᢞ㈨ᐙ㐠⏝䜰䝑䝥䝕䞊䝖
䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞ ㈈ᨻ䛾Ᏻᐃᛶ
ṓධ䛜ῶᑡ䛩䜛୰䚸ṓฟ䜢๐ῶ䛩䜛䛣䛸䛻䜘䜚
㈈ᨻ䛾Ᏻᐃᛶ䛿෌ᵓ⠏䛥䜜䛯
ᇶ♏ⓗ*ṓධཬ䜃ṓฟఙ䜃⋡ – 4ᖺ⛣ືᖹᆒ
ᖺ⋡%
7.5
6.7
7.0
7.3
6.5
5.9
6.0
5.8
6.0
5.5
5.6
5.6
5.0
5.1
5.3
4.5
4.2
4.3
4.4
4.2
4.2
4.0
3.9
3.5
2008-09
2009-10
2010-11
2011-12
ᇶ♏ⓗṓධ
2012-13
2013-14
4.1
2014-15
3.6
2015-16
3.8
2016-17
ᇶ♏ⓗṓฟ
• 䜸䞊䝇䝖䝷䝸䜰㐃㑥䛾㈈ᨻฟື䚸.㐨㊰⿵ຓ㔠䛾᫬ᮇㄪᩚཬ䜃䜸䞊䝇䝖䝷䝸䜰఍ィᇶ‽ጤဨ఍䛻䜘䜛AASB119ྕ䛂ᚑᴗဨ⤥௜䛃䛾ኚ᭦䛻䜘䜛ᙳ㡪䜢㝖䛟䚹
10 / ᢞ㈨ᐙ㐠⏝䜰䝑䝥䝕䞊䝖
36 2013ᖺ12᭶11᪥ᅾ᪥࣮࢜ࢫࢺࣛࣜ࢔኱౑㤋
䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞ ண⟬ᐇ⦼
2013ᖺᗘ䛾㈈ᨻぢ㏻䛧䛿ഹ
䛛䛺㉥Ꮠ䛰䛜䚸䛭䛾ᚋ䛿㯮Ꮠ
ᅇ᚟䛩䜛ぢ㎸䜏
ண⟬ᐇ⦼ 2000ᖺᗘ 㹼 2016ᖺᗘ
$bn
2.0
1.5
䛂䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞ
ᨻᗓ䛿䚸௒ᚋ䚸ᣢ⥆ྍ⬟䛺㈈
ᨻ㯮Ꮠᐇ⌧䛻ᑾຊ䛩䜛䚹䛧䛛
䛧⌧ᐇⓗ䛻䛿䚸ୡ⏺⤒῭䛾ᙳ
㡪䜢ච䜜䜛䛣䛸䛿䛷䛝䛪䚸ᚲ
せ䛸䛺䜜䜀᭦䛻ೝ⣙⟇䜢ㅮ䛨
䜛䛣䛸䜒⪃៖䛩䜛䛃䠄䝙䝳䞊䝃
䜴䝇䜴䜵䞊䝹䝈ᕞᨻᗓ䝬䜲
䜽䞉䝧䜰䞊䝗㈈ົ኱⮧䠅
1.0
0.5
0.0
-0.5
-1.0
-1.5
-2.0
FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17
f/c
f/c
f/c
f/c
11 / ᢞ㈨ᐙ㐠⏝䜰䝑䝥䝕䞊䝖
䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞ ㈨⏘኎༷
䝪䝍䝙䞊 䚸䜿䞁䝤䝷 䛾䝸䞊䝇䠄50.7൨㇦䝗䝹䠅
• 2013ᖺ4᭶䚸䝸䞊䝇᏶஢
• ⣙40൨㇦䝗䝹䛾⣧཰ධ䛿NSAᕞᨻᗓ䛾䜲䞁䝣䝷䝣䜯䞁䝗 “Restart NSW”䛻ᢞ㈨
• 䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞᨻᗓ䛿䚸䝙䝳䞊䜻䝱䝑䝇䝹 䛾㛗ᮇ䝸䞊䝇䜢㐍䜑䜛䚹
㟁ຊ㈨⏘
• 䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞᨻᗓ䛿䚸ಖ᭷䛩䜛㟁ຊ㈨⏘䛾኎༷䜢㏻䛨䚸᭦䛻30൨㇦䝗䝹
㉸䛾㈨㔠ㄪ㐩䜢ぢ㎸䜐䚹
• ྠᨻᗓ䛿᮶ᖺ༙䜀䜎䛷䛻 “Gentrader”䛾㈨⏘኎༷䛾᏶஢䜢┠ᣦ䛩 䚹
12 /
ᢞ㈨ᐙ㐠⏝䜰䝑䝥䝕䞊䝖
࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆࣇ࢛࣮࣒ࣛ 37
᱁௜ᶵ㛵䛾ぢゎ
㛗ᮇമົ
㇦䝗䝹ᘓ䛶
㛗ᮇമົ
እ㈌ᘓ䛶
▷ᮇമົ
Standard
and Poor’s
AAA
(ぢ㏻䛧
䛂䝛䜺䝔䜱䝤䛃)
AAA
(ぢ㏻䛧
䛂䝛䜺䝔䜱䝤䛃)
A-1+
Moody’s
Aaa
Aaa
Prime-1
Fitch
AAA
AAA
F1+
䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞ䛾᱁௜䛡䛿䚸ྠᕞ䛜㇏䛛
䛷ከᵝ䛺⤒῭䚸ᘓタⓗ䛺㈈ᨻ⟶⌮䚸ඃ䜜䛯ὶືᛶỈ
‽䚸㢮䜎䜜䛺䜛䜾䝻䞊䝞䝹㈨㔠ㄪ㐩ᕷሙ䜈䛾䜰䜽䝉
䝇䜢᭷䛩䜛䛣䛸䛻ຍ䛘䚸䜸䞊䝇䝖䝷䝸䜰䛜䚸㐃㑥ᨻᗓ䞉
ᕞᨻᗓ㛫㛵ಀ䜢┘ど䛩䜛ᙉᅛ䛺⾜ᨻ⤌⧊䜢䜒䛴䛣䛸
䜢཯ᫎ䛩䜛䜒䛾䛷䛒䜛䚹䛭䛾୍᪉䛷䚸ཝ䛧䛔ṓධ⎔ቃ
䛸䚸ᕞᨻᗓ䛾䜲䞁䝣䝷ᩚഛ㐜ᘏᑐᛂᥐ⨨䛾ᚲせᛶ䛻
㉳ᅉ䛩䜛䚸ண⟬䛾ᰂ㌾ᛶ୙㊊ཬ䜃୙෪䛘䛺ᐇ⦼䛸䛔
䛖䝬䜲䝘䝇㠃䜒ᣦ᦬䛫䛦䜛䜢ᚓ䛺䛔䚹
2012ᖺ10᭶䚸Standard & Poor’s
䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞ䛾᱁௜䛡䛿䚸ྠᕞ䛾ከᵝ
䛺⤒῭ᇶ┙䚸┦ᙜ䛾ண⟬䛾ᰂ㌾ᛶཬ䜃㐃㑥ᨻᗓ䛛䜙
䛾Ᏻ඲ୟ䛴ண ྍ⬟䛺⿵ຓ㔠䜢཯ᫎ䛩䜛䜒䛾䛷䛒
䜛䚹䜎䛯ྠᕞ䛜ṓฟఙ䜃⋡䛾๐ῶ䜢㏻䛨䛶䚸୰ᮇⓗ䛻
㈈ᨻ㉥Ꮠඞ᭹䛻ྲྀ䜚⤌䜣䛷䛔䜛䛣䛸䜒᱁௜䛡䛻཯ᫎ䛧
䛶䛔䜛䚹
2013ᖺ5᭶䚸Moody’s
13 /
ᢞ㈨ᐙ㐠⏝䜰䝑䝥䝕䞊䝖
䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞ㈈ົබ♫䛾㈨㔠ㄪ㐩
೉ධ㢳ᐈ䛾䝻䞊䞁䛾䝕䝳䝺䞊䝅䝵䞁䜢୍⮴䛥䛫䜛
• 㛗ᮇമๆ䛾Ⓨ⾜ᡓ␎䚹
• 䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞ㈈ົබ♫䛾㈇മᖹᆒᮇ㛫䛿7ᖺ䛻㏆
䛵䛔䛶䛔䜛䚹
኱ཱྀ䛾䝧䞁䝏䝬䞊䜽മⓎ⾜䛻䜘䜚ὶືᛶ䜢⥔ᣢ䛥䛫䜛
• 2013ᖺᗘ䛻2014ᖺ䚸2019ᖺ䚸2023ᖺ‶ᮇ䛾᪂Ⓨമ䜢Ⓨ⾜
• ┤㏆䛷䛿᪂䛯䛻2021ᖺ‶ᮇ䛾䝧䞁䝏䝬䞊䜽മ䜢Ⓨ⾜
• ྡ┠䝧䞁䝏䝬䞊䜽മ䛾Ⓨ⾜ṧ㧗䛿500൨㇦䝗䝹㉸
• 3ᖺ≀ኚື฼௜മ25൨㇦䝗䝹䜢Ⓨ⾜
㈨㔠ㄪ㐩䜢ከᵝ໬䛥䛫䜛
• 䜲䞁䝣䝺㐃ືമ䛾ṧ㧗䛿55൨㇦䝗䝹㉸䜎䛷ቑຍ
14 /
ᢞ㈨ᐙ㐠⏝䜰䝑䝥䝕䞊䝖
38 2013ᖺ12᭶11᪥ᅾ᪥࣮࢜ࢫࢺࣛࣜ࢔኱౑㤋
䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞ
㈈ົබ♫䛿䚸䝙䝳䞊䝃䜴䝇
䜴䜵䞊䝹䝈ᕞᨻᗓ䛾බ⣙䛷
䛒䜛ಙ⏝᱁௜䛡“AAA”䛾⥔
ᣢ䜢ᐇ⌧䛩䜛䜉䛟㈨㔠ㄪ㐩
ᡓ␎䜢ᵓ⠏䛩䜛䚹
ᙜᮇ೉ධ䝥䝻䜾䝷䝮
ᖺኸண⟬ ᭶᪥᭱⤊ぢ㏻䛧
10൨㇦䝗䝹
ண⟬ぢ㏻䛧
൨㇦䝗䝹
൨㇦䝗䝹
൨㇦䝗䝹
㢳ᐈ䜈䛾᪂つ㈚ฟ
6.8
3.4
4.9
ண᝿‶ᮇ
㛗ᮇ
▷ᮇ
0.5
3.6
0.5
3.0
4.0
3.0
㈨㔠వ๫
(1.0)
(1.0)
(3.6)
9.9
5.9
8.3
ㄪ㐩ᚲせ㢠
2013ᖺ6᭶30᪥䜎䛷䛾
㈨㔠ㄪ㐩ண᝿
9.5
▷ᮇ㈨㔠ㄪ㐩ᚲせ㢠
3.0
㛗ᮇ㈨㔠ㄪ㐩ᚲせ㢠
5.3
15 / ᢞ㈨ᐙ㐠⏝䜰䝑䝥䝕䞊䝖
㛗ᮇ㈨㔠䛾㈨㔠※
㈨㔠※
2013ᖺ6᭶30᪥㎾䛾
㛗ᮇ㈨㔠ண᝿㢠
10൨㇦䝗䝹
2014ᖺᗘ䛾䝺䞁䝆
10൨㇦䝗䝹
䝧䞁䝏䝬䞊䜽മ
5.1
3.0 – 6.0
䜻䝱䝢䝍䝹䞉䜲䞁䝕䝑䜽䝇മ
0.4
0.2 – 0.8
㠀䝧䞁䝏䝬䞊䜽മ*
1.0
0.2 – 1.2
ྜィ
6.5
5.3
* 㠀䝧䞁䝏䝬䞊䜽മ䛿EMTNമ䚸䛭䛾௚䜸䝣䝅䝵䜰䝥䝻䜾䝷䝮䚸䝽䝷䝍മ䜢ྵ䜐
16 / ᢞ㈨ᐙ㐠⏝䜰䝑䝥䝕䞊䝖
࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆࣇ࢛࣮࣒ࣛ 39
䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞ㈈ົබ♫ - Ⓨ⾜῭മๆ
2013ᖺ8᭶⌧ᅾ
䛭䛾௚
䝧䞁䝏䝬䞊䜽മ
䝸䞁䜽മ
17 / ᢞ㈨ᐙ㐠⏝䜰䝑䝥䝕䞊䝖
䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞ㈈ົබ♫ - ㈨㔠ㄪ㐩䝥䝻䜾䝷䝮
䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞ㈈
ົබ♫䛾മົ䛿බ♫㈨㔠ㄪ
㐩ἲ(PAFA Act)䛻ᇶ䛵䛝
䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞᨻ
ᗓ䛻ಖド䛥䜜䛶䛔䜛Ⅽ䚸ྠ♫
䛾೉ධ㏉῭䛿㏣ຍⓗ䛻㆟఍
ᢎㄆ䜢ᚓ䜛ᚲせ䛜䛺䛔
䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈 ᕞ㈈ᨻබ♫
AAA/Aaa
㇦䝗䝹ᘓ䛶
ᅜෆമ
䜾䝻䞊䝞䝹䞉
䜶䜽䝇䝏䜵䞁䝆മ
$1.3 bn
$56.4bn
䝧䞁䝏䝬䞊䜽മ
$46.2bn
CPI 㐃ືമ
$5.6bn
⣙᮰ᡭᙧ
฼Ꮚ※Ἠ⛯㠀ㄢ⛯
ᅜෆ䝧䞁䝏䝬䞊䜽മ
䛾Ⓨ⾜
䠄฼Ꮚ※Ἠ⛯䛿
㐺⏝䛫䛪䠅
.
䝴䞊䝻䞉
䝁䝬䞊䝅䝱䝹䞉
䝨䞊䝟䞊
䝴䞊䝻MTN
$2.0bn
$2.1bn
㇦䝗䝹ᘓ䛶ཬ䜃
እ㈌ᘓ䛶
๭ᘬドๆ䛾Ⓨ⾜
䝻䞁䝗䞁ୖሙ䛾
㇦䝗䝹ᘓ䛶ཬ䜃
እ㈌ᘓ䛶
䝴䞊䝻MTN
4.6bn
$
18 / ᢞ㈨ᐙ㐠⏝䜰䝑䝥䝕䞊䝖
40 2013ᖺ12᭶11᪥ᅾ᪥࣮࢜ࢫࢺࣛࣜ࢔኱౑㤋
᪥ᮏ䛻䛚䛡䜛
Ⓨ⾜Ⓩ㘓䜢ά⏝
US MTN
$0bn
.
SEC Ⓩ㘓
.
䝬䝹䝏䞉䜹䝺䞁䝅䞊
䝥䝻䜾䝷䝮䛾ዎ⣙᭩䛿䝙䝳䞊
䝃䜴䝇䜴䜵䞊䝹䝈ᕞ㈈ົබ♫
䛾䜴䜵䝤䝃䜲䝖ୖ
(www.tcorp.nsw.gov.au)ཪ䛿
౫㢗䛻䜘䜚㜀ぴྍ⬟
䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞ㈈ົබ♫മ䛾ಖ᭷ᢞ㈨ᐙ
䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞ㈈ົබ♫മ䛾ಖ᭷ᢞ㈨ᐙ
᪥ᮏ䛾ᢞ㈨㢳ၥ
11%
䜸䞊䝇䝖䝷䝸䜰䛾ᢞ㈨㢳ၥ
14%
䜸䞊䝇䝖䝷䝸䜰䛾㖟⾜ 35%
䜸䝣䝅䝵䜰ᢞ㈨㢳ၥ
䠄᪥ᮏ䜢㝖䛟䠅
17%
୰ኸ㖟⾜
23%
19 / ᢞ㈨ᐙ㐠⏝䜰䝑䝥䝕䞊䝖
䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞ㈈ົබ♫䝇䝥䝺䝑䝗䛾㛗
ᮇぢ㏻䛧
2013ᖺ9᭶⌧ᅾ
ࢽ࣮ࣗࢧ࢘ࢫ࢙࣮࢘ࣝࢬᕞ-㇦㐃㑥 5ᖺമࢫࣉࣞࢵࢻ
%
1.6
ฟᡤ: RBA F2
1.4
1.2
ᚑ᮶䚸䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈
ᕞമ䞉䜸䞊䝇䝖䝷䝸䜰㐃㑥മ䛾䝇
䝥䝺䝑䝗䛿䚸20bps䡚40bps䛷᥎
⛣
2ᗘ䛻䜟䛯䜛㐃㑥ᨻᗓമ䛸䛾䝇
䝥䝺䝑䝗䛾ᛴ㦐䛿䝬䜽䝻せᅉ
䠄2009ᖺ䛾ୡ⏺㔠⼥༴ᶵ䚸
2011ᖺ䛾Ḣᕞ༴ᶵ䠅䛻䜘䜛ᙳ㡪
䛷䛒䜚䚸䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈
ᕞ䛻㉳ᅉ䛩䜛䜒䛾䛷䛿䛺䛔
1.0
0.8
0.6
0.4
┤㏆䛾䝇䝥䝺䝑䝗䛿ୡ⏺⤒῭䛾
ᬒἣឤ䛾ᅇ᚟䜢ཷ䛡⦰ᑠഴྥ
0.2
0.0
-0.2
Jan-99
Jan-02
Jan-05
Jan-08
Jan-11
20 / ᢞ㈨ᐙ㐠⏝䜰䝑䝥䝕䞊䝖
࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆࣇ࢛࣮࣒ࣛ 41
AAA᱁䛾ᅜമ฼ᅇ䜚
AAA᱁ࡢᅜമ฼ᅇࡾ
࢖࣮ࣝࢻ࣭࣮࢝ࣈ
%
NSW
䝙䝳䞊䝃䜴䝇
%
5.0
5.0
䜴䜵䞊䝹䝈ᕞ
TCorp
11᭶4᪥
Australia
䜸䞊䝇䝖䝷䝸䜰
4.5
4.5
Singapore
䝅䞁䜺䝫䞊䝹
Moody’s䚸S&P䛾୧♫䛛䜙
“AAA”᱁௜䛡䜢௜୚䛥䜜䛶䛔䜛
ᅜ䛿ഹ䛛10䞄ᅜ䛾䜏䚹䝙䝳䞊䝃
䜴䝇䜴䜵䞊䝹䝈ᕞമ䛸䜸䞊䝇䝖䝷
䝸䜰ᅜമ䛾฼ᅇ䜚䛿 “AAA”᱁䛾
ᅜമ䛾୰䛷᭱䜒㧗฼ᅇ䜚䛷䛒
䜛䚹
䝇䝽䝑䝥
Canada
䜹䝘䝎
4.0
4.0
3.5
3.5
Denmark
䝕䞁䝬䞊䜽
䜻䝱䝑䝅䝳
Norway
䝜䝹䜴䜵䞊
Sweden
䝇䜴䜵䞊䝕䞁
Switz
10ᖺമ
3.0
3.0
䝇䜲䝇
䜸䞊䝇䝖䝷䝸䜰ᅜമ
Finland *
䝣䜱䞁䝷䞁䝗
Germany *
2.5
2.5
䝗䜲䝒
*䝴䞊䝻ຍ┕ᅜ
N'lands *
ṧᏑᮇ㛫 (ᖺ)
䜸䝷䞁䝎
2.0
2.0
0
2
4
%
6
1
21 / ᢞ㈨ᐙ㐠⏝䜰䝑䝥䝕䞊䝖
2
3
4
5
6
7
8
9
10
ᶵᐦ㈨ᩱ
ᮏ㈨ᩱ䛿᝟ሗ※䛸䛧䛶䛾䜏㓄ᕸ䛥䜜䛯䜒䛾䛷䛒䜚䚸฼⏝⪅䛾䜏䛻ྥ䛡䛶సᡂ䛥䜜䛯䜒䛾䛷䛩䚹ᮏ㈨ᩱ䛿䝖䝺䞊䝕䜱䞁䜾ཬ䜃䛭䛾௚䝡䝆䝛䝇┠ⓗ䛻฼
This
material is provided for information purposes only and is intended for your use only. The material should not be relied on for trading or
⏝䛥䜜䜛䜒䛾䛷䛿䛒䜚䜎䛫䜣䚹ᮏ㈨ᩱ䛿ᢞ㈨䜰䝗䝞䜲䝇䜢⾜䛖䜒䛾䛷䛿䛺䛟䚸䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞ㈈ົබ♫(TCorp)䛿ᮏ㈨ᩱ䛻グ㍕䛥䜜䛯ዴఱ
other
business purposes. The material does not constitute investment advice and NSW Treasury Corporation (TCorp) does not make any
䛺䜛ၟရཬ䜃ྲྀᘬ䛾ᣢ⥆ྍ⬟ᛶ䛻䛴䛔䛶᥎ዡ䛧䛶䛚䜚䜎䛫䜣䚹ᮏ㈨ᩱ䛿ᑗ᮶䛾஦㇟䜢ぢ㏻䛩ᡈ䛔䛿ண 䛩䜛䜒䛾䛷䛿䛒䜚䜎䛫䜣䚹㐣ཤ䛾䝟䝣䜷䞊
recommendation
as to the suitability of any of the products or transactions mentioned. This material is not intended to forecast or predict
䝬䞁䝇䛿ᑗ᮶䛾⤖ᯝ䜢ಖド䛺䛔䛧♧၀䛧䛶䛔䜛䜒䛾䛷䛿䛒䜚䜎䛫䜣䚹ᮏ㈨ᩱ䛻グ㍕䛥䜜䛯ዴఱ䛺䜛ண 䜔ぢゎ䜒䚸ᮏ㈨ᩱ䛜సᡂ䛥䜜䛯᪥᫬Ⅼ䛻䛚䛔
future events. Past performance is not a guarantee or indication of future results. Any estimates and opinions contained in this material
䛶䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞ㈈ົබ♫䛜ุ᩿䛧䛯䜒䛾䛷䛒䜚䚸ண࿌䛺䛧䛻ኚ᭦䛩䜛䛣䛸䛜䛒䜚䜎䛩䚹䝙䝳䞊䝃䜴䝇䜴䜵䞊䝹䝈ᕞ㈈ົබ♫䛿ᮏ㈨ᩱ䛾
constitute TCorp’s judgement as at the date the material is made available and may be subject to change without notice. TCorp does not
᝟ሗཪ䛿䝕䞊䝍䛾ṇ☜ᛶ䚸᭱᪂ᛶ䚸ಙ㢗ᛶ䚸᏶඲ᛶ䛻㛵䛧䛶୍ษಖド䛧䜎䛫䜣䚹䜎䛯ᮏ㈨ᩱ䛾᝟ሗཪ䛿䝕䞊䝍䛻౫ᣐ䛧䛯⤖ᯝ⏕䛨䛯ዴఱ䛺䜛ᦆᐖ䛻
guarantee
the accuracy, timeliness, reliability or completeness of the information or data and will not be liable for any errors or actions taken
㛵䛩䜛㈐௵䜒㈇䛔䜎䛫䜣䚹
in
reliance on the information or data.
Level 22, Governor Phillip Tower, 1 Farrer Place
SYDNEY NSW 2000, AUSTRALIA
T: +61 2 9325 9325 F: +61 2 9325 9333
W: tcorp.nsw.gov.au ABN: 99 095 235 825
42 2013ᖺ12᭶11᪥ᅾ᪥࣮࢜ࢫࢺࣛࣜ࢔኱౑㤋
䝡䜽䝖䝸䜰ᕞ㈈ົබ♫
䜸䞊䝇䝖䝷䝸䜰ᨻᗓമๆ䝣䜷䞊䝷䝮
2013ᖺ12᭶
㆟㢟
௨ୗ3ศ㔝䛻㛵䛧䛶䛤ㄝ᫂⮴䛧䜎䛩:
1. 䝡䜽䝖䝸䜰ᕞᨻᗓ䛾┠ᶆཬ䜃㈈ົ≧ἣ
2. 䝡䜽䝖䝸䜰ᕞ㈈ົබ♫䛾ᵓ㐀䛸䝥䝻䜾䝷䝮
3. 2014ᖺ௨㝆䛾೉ධ䝥䝻䜾䝷䝮
2013ᖺ12᭶
䝡䜽䝖䝸䜰ᕞ㈈ົබ♫
2
࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆࣇ࢛࣮࣒ࣛ 43
䝡䜽䝖䝸䜰ᕞᨻᗓ – ㈈ᨻ㐠Ⴀᡓ␎
䝡䜽䝖䝸䜰ᕞᨻᗓ䛾୰ᮇⓗ㈈ᨻ㐠Ⴀᡓ␎
㈈ᨻᨻ⟇
䝟䝷䝯䞊䝍䞊
᱁௜䛡
AAA/Aaa᱁௜䛡䜢ୗᨭ䛘䛩䜛ᙉᅛ䛺㈈ᨻᇶ┙ཬ䜃⤒῭ᡓ␎䜢⥔ᣢ䛩䜛䚹
㈈ᨻ㯮Ꮠ
䜲䞁䝣䝷ཬ䜃മົ䝟䝷䝯䞊䝍䞊䛸ᩚྜᛶ䜢䛸䜚䛴䛴䚸ᑡ䛺䛟䛸䜒1൨㇦䝗䝹䛾
䝛䝑䝖㈈ᨻ㯮Ꮠ䜢⥔ᣢ䛩䜛䚹
䜲䞁䝣䝷ᢞ㈨
ᕞෆ⥲⏕⏘(GSP)䛾1.3䝟䞊䝉䞁䝖䠄5ᖺ㛫䛾⛣ືᖹᆒ䛷⟬ฟ䠅䛾䜲䞁䝣䝷ᢞ
㈨
⣧മົ
2022ᖺ䜎䛷䛾10ᖺ㛫䛷䚸GSP䝧䞊䝇䛾⣧ᨻᗓമົ䜢๐ῶ䛩䜛䚹
ᖺ㔠മົ
2035ᖺ䜎䛷䛻ᖺ㔠✚❧୙㊊㢠䜢䛩䜉䛶ゎᾘ䛩䜛䚹
2013ᖺ12᭶
䝡䜽䝖䝸䜰ᕞ㈈ົබ♫
3
䝡䜽䝖䝸䜰ᕞᨻᗓ – ᱁௜䛡
䝇䝍䞁䝎䞊䝗䞉䜰䞁䝗䞉䝥䜰䞊䝈䛻䜘䜛᱁௜䛡
2013ᖺ11᭶8᪥䛾ྠ᱁௜䛡ᶵ㛵䛾䝁䝯䞁䝖䠖
䛂ᘢ♫䛿䝡䜽䝖䝸䜰ᕞᨻᗓ䛾㛗ᮇཬ䜃▷ᮇമ䛾᱁௜䛡䜢’AAA/A-1+’䛸䛧䛯䚹ྠᨻᗓ䛿
⌧ᅾṓධ䛻㛵䛩䜛ㄢ㢟䛻ྲྀ䜚⤌䜐୰䚸ᘬ䛝⥆䛝㈈ᨻつᚊ䜢೺඲䛻⥔ᣢ䛩䜛䛯䜑䚸㈤
㔠ୖ᪼䜔බົဨᩘ䛾๐ῶ䛸䛔䛳䛯୍㐃䛾ཝ䛧䛔ᨻ἞ⓗỴ᩿䜢ୗ䛧䛶䛔䜛䚹
䝡䜽䝖䝸䜰ᕞᨻᗓ⮬య䛾㈈ᨻୖ䛾ᙉ䜏䛿䚸ྠᨻᗓ䛜മົ䜔ὶືᛶ䛾⟶⌮䛻㈼᫂䛻
ྲྀ䜚⤌䜣䛷䛔䜛䛣䛸䜔୰㛗ᮇⓗ䛺䝇䝟䞁䛷㈈ᨻཬ䜃⤒῭ᡓ␎䜢⟇ᐃ䛧䛶䛔䜛䛣䛸䛻
ぢ䛶䛸䜜䜛䚹ྠᨻᗓ䛿䚸ᚑ᮶䛛䜙ᑗ᮶ⓗ䛻ྠᕞ䛾⏕⏘ᛶྥୖ䜢䜒䛯䜙䛩⤒῭ᨵ㠉䛻
ྲྀ䜚⤌䜣䛷䛝䛶䛚䜚䚸ᘢ♫䛸䛧䛶䛿⌧ᅾ䛾㆟఍䛜⥆⾜䛩䜛㛫䛿㈈ᨻつᚊ䜢⥔ᣢ䛧䛶
䛔䛟ጼໃ䛻ኚ໬䛿䛺䛔䛸ぢ䛶䛔䜛䚹䛃
䝮䞊䝕䜱䞊䝈䞉䜲䞁䝧䝇䝍䞊䝈䞉䝃䞊䝡䝇䛻䜘䜛᱁௜䛡
2013ᖺ5᭶7᪥䛾ྠ᱁௜䛡ᶵ㛵䛾䝁䝯䞁䝖䠖
䛂ᘢ♫䛿䚸⤒ᖖ཰ᨭཬ䜃㈨ᮏ཰ᨭ䛾཮᪉䜢ሀᐇ䛻⟶⌮䛩䜛䝡䜽䝖䝸䜰ᕞᨻᗓ䛾⌧⾜
䛾ጼໃ䛿䚸ᆒ⾮䛾䛸䜜䛯㈈ᨻ䜢㐩ᡂ䛩䜛䛻䛒䛯䜚኱ኚ㔜せ䛰䛸ᤊ䛘䛶䛔䜛䚹䛣䛾ほ
Ⅼ䛛䜙䛩䜛䛸䚸ྠᨻᗓ䛿䚸䛣䛣ᩘᖺ㛫䛷ᨭฟ䛾ఙ䜃䛾䝨䞊䝇䜢㕌໬䛩䜛䛣䛸䛜䛷䛝䛶
䛔䜛䚹䛃
2013ᖺ12᭶
䝡䜽䝖䝸䜰ᕞ㈈ົබ♫
44 2013ᖺ12᭶11᪥ᅾ᪥࣮࢜ࢫࢺࣛࣜ࢔኱౑㤋
4
䝡䜽䝖䝸䜰ᕞᨻᗓ – ከᵝᛶ䛸ᰂ㌾ᛶ䜢ഛ䛘䛯⤒῭
2011-12ᖺ䛻䛚䛡䜛ᕞᨻᗓ䛾⏘ᴗู⢒௜ຍ౯್
௻ᴗྥ䛡䝃䞊䝡䝇ᴗ
ᐙᗞྥ䛡䝃䞊䝡䝇ᴗ
㎰ᯘ⁺ᴗ
〇㐀ᴗ
≀ὶ
බ┈஦ᴗ
ᘓタᴗ
㖔ᴗ
䝟䞊䝉䞁䝖
ฟ඾: 䜸䞊䝇䝖䝷䝸䜰⤫ィᒁ
䝡䜽䝖䝸䜰ᕞ㈈ົබ♫
2013ᖺ12᭶
5
䝡䜽䝖䝸䜰ᕞᨻᗓ – ㈈※
2013-14ᖺ䛾཰ධ
䛭䛾௚, 4.1%
ᕞᨻᗓ䛾⛯ไୖ䛾≌ᘬᙺ
≀ရ䝃䞊䝡䝇
⛯, 22.7%
ᕞ⛯, 32.7%
⥲㢠503൨䝗䝹
•
•
•
•
•
⤥୚⛯
ᅵᆅㆡΏ⛯
⮬ື㌴⛯
㉃༤⛯
ᅵᆅ⛯
31%
21%
12%
12%
10%
㓄ᙜ䚸TER
ཬ䜃฼ᜥ
3.1%
ᅜ䛛䜙䛾⿵ຓ㔠
23.6%
୍⯡ᾘ㈝㈈䞉
䝃䞊䝡䝇䛾኎
ୖ, 13.8%
ฟ඾: 䝡䜽䝖䝸䜰ᕞ ㈈ົ䞉㈈ᨻ┬
2013ᖺ12᭶
䝡䜽䝖䝸䜰ᕞ㈈ົබ♫
6
࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆࣇ࢛࣮࣒ࣛ 45
䝡䜽䝖䝸䜰ᕞᨻᗓ – ṓධ䞉ṓฟ䛾ఙ䜃
ᖺ㛫䛾ṓධቑ
ᖺ㛫䛾ṓฟቑ
15
6
ᖹᆒ 4.1%
2013-14ᖺ
䛛䜙 2016-17
ᖺ䛾ᮇ㛫
ᖹᆒ 3.2%
2010-11ᖺ䛛䜙
2012-13ᖺ䛾ᮇ㛫
9
ᖹᆒ 8.0%
2000-01 ᖺ䛛䜙
2009-10ᖺ䛾ᮇ㛫
䝟䞊䝉䞁䝖
ᖹᆒ 7.3%
2000-01ᖺ䛛䜙
2009-10ᖺ䛾ᮇ㛫
ᖹᆒ 2.9%
2010-11ᖺ䛛䜙
2012-13ᖺ䛾ᮇ㛫
䝟䞊䝉䞁䝖
12
ண⟬䛸
ᑗ᮶ண᝿
ண⟬䛸
ᑗ᮶ண᝿
ᖹᆒ 2.7%
2013-14 ᖺ
䛛䜙 201617ᖺ䛾ᮇ㛫
3
0
ฟ඾: 䝡䜽䝖䝸䜰ᕞ ㈈ົ䞉㈈ᨻ┬
(a) 2013ᖺ1᭶䛛䜙䛾㇦ᕞ఍ィᇶ‽(AASB)䠍䠍䠕䜈䛾ኚ᭦䛻䜘䜛ᙳ㡪䜢⪃៖䛧䛶䛔䛺䛔䚹
2013ᖺ12᭶
䝡䜽䝖䝸䜰ᕞ㈈ົබ♫
7
䝡䜽䝖䝸䜰ᕞᨻᗓ – ㈈ᨻ㯮Ꮠ
100୓㇦䝗䝹
㈈ᨻぢ㏻䛧
ண⟬
ᐇ⦼䠄10൨㇦䝗䝹䠅
2013ᖺ12᭶
䝡䜽䝖䝸䜰ᕞ㈈ົබ♫
46 2013ᖺ12᭶11᪥ᅾ᪥࣮࢜ࢫࢺࣛࣜ࢔኱౑㤋
2013-14ᖺ䛾ண⟬
8
䝡䜽䝖䝸䜰ᕞᨻᗓ – 䜲䞁䝣䝷
ᨻᗓ䛻䜘䜛䜲䞁䝣䝷ᢞ㈨ (a)
2011-12
ᐇ⦼
5.4
10൨㇦䝗䝹
2012-13
ಟṇ
5.4
2013-14
ィ⏬
6.1
2014-15
ண᝿
6.6
2015-16
ண᝿
4.0
2016-17
ண᝿
3.5
䝡䜽䝖䝸䜰ᕞ⥲ྜ⒴䝉䞁䝍䞊
䝡䜽䝖䝸䜰ᕞ䛾㕲㐨䛾䜲䞁䝣䝷䝥䝻䝆䜵䜽䝖
M80㧗㏿㐨㊰䛾ᨵಟ
᪂䝧䞁䝕䜱䝂⑓㝔
୺せ㒔ᕷ㒊䛾㋃ษ䠄䝇䝥䝸䞁䝧䞊䝹䚸䝭䝑䝏䝱䝮䚸䝃䞁䝅䝱䜲䞁䠅
䝻䜲䝲䝹䞉䝡䜽䝖䝸䜰䞁║⛉䞉⪥㰯⛉⑓㝔
䝪䝑䜽䝇䞉䝠䝹⑓㝔
䝰䝘䝅䝳Ꮚ౪⑓㝔
ᮾす㐃⤡㐨㊰䝥䝻䝆䜵䜽䝖䠄➨୍ẁ㝵䠅
ᮾす㐃⤡㐨㊰䝥䝻䝆䜵䜽䝖䠄➨୍ẁ㝵䠅
ᮾす㐃⤡㐨㊰䝥䝻䝆䜵䜽䝖䠄➨୍ẁ㝵䠅
ฟ඾: 䝡䜽䝖䝸䜰ᕞ ㈈ົ䞉㈈ᨻ┬
(a) ᨻᗓ䛾୍⯡⣧䜲䞁䝣䝷ᢞ㈨㢠ཬ䜃䝟䞊䝖䝘䞊䝅䝑䝥䞉䝡䜽䝖䝸䜰䛾䝥䝻䝆䜵䜽䝖䠄ᐁẸ䝟䞊䝖䝘䞊䝅䝑䝥䝥䝻䝆䜵䜽䝖䛻ᑐ䛩䜛䝡䜽䝖䝸䜰ᕞᨻᗓ䛾ᢞ㈨஦ᴗ䠅
䛻㛵䛩䜛ண᝿䜻䝱䝑䝅䝳䝣䝻䞊䜢ྵ䜐䛜䚸ᅜ㐀䜚-⤒῭่⃭⟇䛾୍⎔䛾බႠఫᏯᵓ᝿䜔ᩍ⫱㠉࿨ᵓ⠏䛻㛵䛩䜛୍ᗘ㝈䜚䛾ᬒẼ่⃭⟇䛿ྵ䜎䛺䛔䚹
2013ᖺ12᭶
䝡䜽䝖䝸䜰ᕞ㈈ົබ♫
9
䝡䜽䝖䝸䜰ᕞ㈈ົබ♫ (TCV)
• 䝡䜽䝖䝸䜰ᕞ䛾බⓗ㔠⼥䝃䞊䝡䝇ཬ䜃㈈ົ㢳ၥ䜢୍ඖ⟶⌮䛧䛶⾜䛖බ♫䛸䛧䛶
1993ᖺ1᭶1᪥䛻タ❧䚹
- 㔠⼥ᕷሙ䜈䛾༢⊂❆ཱྀ
- ⊂❧䛧䛯ጤဨ఍䛜┤᥋䝡䜽䝖䝸䜰ᕞ㈈ົ┬䛻䝺䝫䞊䝖䛩䜛యไ
• 㢳ᐈ䛷䛒䜛䝡䜽䝖䝸䜰ᕞᨻᗓ䚸ᨻᗓᶵ㛵ཬ䜃ᨻᗓ䛾ྛ㒊⨫䛻ᑐ䛧䛶㈈ົୖ䛾䝸䝇䜽
⟶⌮䜢⾜䛖䜘䛖ጤク䛥䜜䛶䛔䜛䚹
• 䝡䜽䝖䝸䜰ᕞᨻᗓ䛻䜘䜛മົಖド
• ಖドෆᐜ
TCV䛾೉ධ㔠ཬ䜃ドๆ䛿1992ᖺ䝡䜽䝖䝸䜰ᕞ㈈ົබ♫ἲ’➨32᮲(1)䛻ᇶ䛵䛝䝡䜽䝖䝸䜰
ᕞᨻᗓ䛜ಖド䛩䜛䚹
- 䝡䜽䝖䝸䜰ᕞᨻᗓ䛿┤᥋䚸ୟ䛴䚸↓᮲௳䛷ಖド䛧䚸බമᇶ㔠䛛䜙ᨭᡶ䛖䚹
-
• AAA/Aaa ᱁௜䛡 (Ᏻᐃⓗ)
• ฼Ꮚ※Ἠㄢ⛯㐺⏝እ
2013ᖺ12᭶
䝡䜽䝖䝸䜰ᕞ㈈ົබ♫
10
࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆࣇ࢛࣮࣒ࣛ 47
TCV – ㈨㔠※
㇦䝗䝹
䝜䞊䝖䝥䝻䜾䝷䝮
䝴䞊䝻䞉䝭䝕䜱䜰䝮䞉
䝍䞊䝮䞉䝜䞊䝖
㇦䝗䝹
⣙᮰ᡭᙧ䝥䝻䜾䝷䝮
䝴䞊䝻䞉䝁䝬䞊䝅䝱䝹䞉
䝨䞊䝟䞊䞉䝥䝻䜾䝷䝮
•
•
•
•
•
䝟䝛䝹䞉䝯䞁䝞䞊䛸䛧䛶13♫䛾䝕䜱䞊䝷䞊
2014-2026ᖺ䛻ൾ㑏ᮇ㝈䜢㏄䛘䜛8䛴䛾䝧䞁䝏䝬䞊䜽䞉䝜䞊䝖䜢Ⓨ⾜
᭱పṧ㧗┠ᶆ40-50൨㇦䝗䝹
䝧䞁䝏䝬䞊䜽䞉䝜䞊䝖ṧ㧗325൨㇦䝗䝹
⚾ເമṧ㧗33൨㇦䝗䝹
• 30൨⡿䝗䝹
• 」ᩘ㏻㈌ᘓ䛶䝥䝻䜾䝷䝮
• ṧ㧗9,500୓㇦䝗䝹
• 50൨㇦䝗䝹䝥䝻䜾䝷䝮
• ൾ㑏ᮇ㝈䛿1᪥䛛䜙365᪥䜎䛷
• ṧ㧗7൨9,000୓㇦䝗䝹
•
•
•
•
50൨⡿䝗䝹
」ᩘ㏻㈌ᘓ䛶
ൾ㑏ᮇ㝈䛿1᪥䛛䜙365᪥䜎䛷
ṧ㧗5,100୓䝗㇦䝗䝹┦ᙜ
䝡䜽䝖䝸䜰ᕞ㈈ົබ♫
2013ᖺ12᭶
11
TCV മๆ䛾኎䜚ᤍ䛝䛸ฟ᮶㧗
dsമๆ㉎ධ⪅ ;ண᝿Ϳ
୺せ㖟⾜
MajorBank
䛭䛾௚ㄆྍ㡸㔠ཷධᶵ㛵
OtherADI
ᅜ㝿ᢞ㈨ᐙ
InternationalInvestors
୰ኸ㖟⾜
୰ኸ㖟⾜
CentralBank
ᅜෆ䛾㈨⏘㐠⏝఍♫
DomesticAssetManager
䛭䛾௚䛾ᨻᗓ
OtherGovt
ฟ᮶㧗䛾ᅜ㝿ẚ㍑
ϮϬϭϯͲϭϰᖺ
᪥ᮏ䜢㝖䛟䜰䝆䜰
NonJapanAsia
᪥ᮏ
Japan
Ḣᕞ
Europe
NorthAmerica
໭䜰䝯䝸䜹
4%
12%
34%
50%
2013ᖺ12᭶
䝡䜽䝖䝸䜰ᕞ㈈ົබ♫
48 2013ᖺ12᭶11᪥ᅾ᪥࣮࢜ࢫࢺࣛࣜ࢔኱౑㤋
12
TCV – 䝥䝷䜲䝬䝸䞊മົ䛾ᴫせ
2013ᖺ10᭶⌧ᅾ
TCV ㈨㔠ㄪ㐩 ൾ㑏ᮇ㝈䛾ᴫせ
100୓䝗䝹
2013ᖺ12᭶
䝡䜽䝖䝸䜰ᕞ㈈ົබ♫
13
೉ධ䝥䝻䜾䝷䝮 – 2013/14 ண⟬
ண᝿
100୓㇦䝗䝹
ண᝿
100୓㇦䝗䝹
ண᝿
100୓㇦䝗䝹
ண᝿
100୓㇦䝗䝹
᪂つ㈨㔠㟂せ
୍⯡䛾ᨻᗓ䝉䜽䝍䞊
ཧຍᙜᒁ
⼥㈨䛾೉᥮䛘
TCV㈨㔠㟂せ
2013ᖺ12᭶
䝡䜽䝖䝸䜰ᕞ㈈ົබ♫
14
࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆࣇ࢛࣮࣒ࣛ 49
೉ධ䝥䝻䜾䝷䝮 – ᖺ㛫᥎ᐃ㢠
㈨㔠㟂せ䛻ᑐ䛩䜛⼥㈨ᐇ᪋≧ἣ
100୓㇦䝗䝹
2013ᖺ12᭶
ྲྀᘬᐇ᪋⋡
㈚ฟ㔠䛾ṧᏑᮇ㛫ูṧ㧗 䠄ᕥ㍈)
᪂つ஦ᴗPA 䠄ᕥ㍈)
᪂つ஦ᴗண⟬䝉䜽䝍䞊 䠄ᕥ㍈)
᪂つཬ䜃೉᥮⼥㈨ 䠄ᕥ㍈)
ᖺ㛫䛾㈨㔠㟂せ 䠄ᕥ㍈)
ྲྀᘬᐇ᪋⋡ 䠄ྑ㍈)
䝡䜽䝖䝸䜰ᕞ㈈ົබ♫
15
೉ධ䝥䝻䜾䝷䝮 – ㈨㔠ㄪ㐩ᡓ␎
•
ᅜෆ䝧䞁䝏䝬䞊䜽䞉䝪䞁䝗䞉䝥䝻䜾䝷䝮䛿㈨㔠㟂せ䛾኱༙䜢‶䛯䛩䛸ᛮ䜟䜜䜛䚹
•
䝧䞁䝏䝬䞊䜽䞉䝪䞁䝗䞉䝥䝻䜾䝷䝮䜢ᘏ㛗䛩䜛䛛䚸䜒䛧䛟䛿䚸ൾ㑏ᮇ㝈䛜2026ᖺ௨
㝆䛾⚾ເമ䜢୍ᅇ㝈䜚Ⓨ⾜䛩䜛䛛䛾䛹䛱䜙䛛䛻䜘䜚䚸മົ‶ᮇᵓ㐀䛾䝕䝳䝺䞊䝅
䝵䞁䜢ᘏ㛗䛩䜛ᶵ఍䜢ᶍ⣴䛩䜛䚹
•
ൾ㑏ᮇ㛫䛾䜀䜙䛴䛝䜢ῶ䜙䛧䚸䝡䜽䝖䝸䜰ᕞᨻᗓ䛜᭱ᑠ㝈䛾ὶືᛶẚ⋡䜢☜ಖ䛷
䛝䜛䜘䛖䛻䛩䜛䛯䜑䚸䜘䜚ᑠつᶍ䛛䛴▷ᮇ䛾⚾ເമྲྀᘬ䜢3-4ᖺෆ䛻ᐇ᪋䛩䜛䚹
•
ኚື฼௜മ䛾䜘䛖䛺௦᭰ᵓ㐀䜢᭷䛩䜛ᡭẁ䛻䜘䜛㈨㔠ㄪ㐩䛻䛴䛔䛶䚸TCV䛜ཷ
䛡䜛䝸䝇䜽ཬ䜃䝞䝸䝳䞊䛾䝯䝸䝑䝖䛻ᇶ䛵䛔䛶ホ౯䛩䜛䚹
•
㠀㇦䝗䝹ᕷሙ䛾ྛᕷሙ䛻䛚䛡䜛Ẽ㓄್䛸䛧䛶䛾౯᱁Ỉ‽䛛䜙䚸㇦䝗䝹௨እ䛷䛾
Ⓨ⾜䛜୙ྍ⬟䛷䛒䜛䛣䛸䛜䜟䛛䜛䚹
•
䝴䞊䝻䞉䝁䝬䞊䝅䝱䝹䞉䝨䞊䝟䞊䞉䝥䝻䜾䝷䝮ཬ䜃ᅜෆ⣙᮰ᡭᙧ䛾䝥䝻䜾䝷䝮䛻䜘
䜛Ⓨ⾜㢠䛿᭱ᑠ㝈䛻ᢚ䛘䜛䚹
•
䜲䞁䝣䝺㐃ືമ䜢Ⓨ⾜䛩䜛ணᐃ䛿䛺䛔䚹
2013ᖺ12᭶
䝡䜽䝖䝸䜰ᕞ㈈ົබ♫
50 2013ᖺ12᭶11᪥ᅾ᪥࣮࢜ࢫࢺࣛࣜ࢔኱౑㤋
16
೉ධ䝥䝻䜾䝷䝮 –┠ᶆ䝕䝳䝺䞊䝅䝵䞁
TCV㈨㔠ㄪ㐩 ൾ㑏ᮇ㝈䛾ᴫせ
100୓䝗䝹
┠ᶆ䛾Ⓨ⾜㢠
䛾ൾ㑏ᮇ㝈
䝡䜽䝖䝸䜰ᕞ㈈ົබ♫
2013ᖺ12᭶
17
೉ධ䝥䝻䜾䝷䝮 – 䝧䞁䝏䝬䞊䜽മๆ
2013ᖺ10᭶⌧ᅾ
100୓䝗䝹
ண᝿
䜲䞁䝕䝑䜽䝇
2013ᖺ12᭶
䜸䝣䝅䝵䜰
䛭䛾௚䛾ᅜෆമๆ
㇦䝗䝹ᘓ䛶ᅜෆമๆⓎ⾜
䝡䜽䝖䝸䜰ᕞ㈈ົබ♫
ண᝿മົ⥲㢠
18
࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆࣇ࢛࣮࣒ࣛ 51
Summary
ሀᐇ䛺ಙ⏝᱁௜䛡
•
•
᱁௜䛡ᶵ㛵䛾䝇䝍䞁䝎䞊䝗䞉䜰䞁䝗䞉䝥䜰䞊䝈ཬ䜃䝮䞊䝕䜱䞊䝈䞉䜲䞁䝧䝇䝍䞊䝈䞉䝃䞊䝡䝇䛿䚸
䝡䜽䝖䝸䜰ᕞᨻᗓമ䛾᱁௜䛡䜢AAA/Aaa䛸䛧䚸ᑗ᮶䛾ぢ㏻䛧䜒Ᏻᐃⓗ䛸䛧䛶䛔䜛䚹
䝡䜽䝖䝸䜰ᨻᗓ䛿ᙉᅛ䛺㈈ົᇶ┙䜢᭷䛩䜛ୖ䚸䝖䝸䝥䝹A᱁䜢ୗᨭ䛘䜛⤒῭ᡓ␎䜢᭷䛩䜛䚹
ᙉᅛ䛺㈈ົ≧ἣ
•
•
•
ከᵝ䛺⤒῭ᇶ┙
⥅⥆ⓗ䛻㈈ᨻ㯮Ꮠ䛾ぢ㏻䛧
ᨭฟᢚไ䛾ᐇ⦼
ᙉᅛ䛺㈨㔠ㄪ㐩≧ἣ
•
•
•
•
TCV 䛿2013ᖺᗘ䛾ண᝿㈨㔠㟂せ䛾⣙60%䜢᪤䛻☜ಖ䛧䚸኱ᖜ䛻ඛྲྀ䜚䛩䜛ᙧ䛷㈨㔠ㄪ㐩
䜢㐍䜑䛶䛔䜛䚹
㛗ᮇⓗどⅬ䛛䜙䚸䜘䜚㛗ᮇ䛾മๆ䛾Ⓨ⾜䛻ὀຊ䛩䜛 (10-15ᖺ௨ୖ䛾മๆ)
ᑠつᶍ䛷䜘䜚▷ᮇ䛾⚾ເമ䛾ྲྀᘬ䜢3-4ᖺෆ䛻ᐇ᪋䛩䜛䚹
ᢞ㈨ᐙᇶ┙䛾ከᵝ໬䜢┠ᣦ䛩䛜䚸እ㈌䛷䛿Ⓨ⾜䛧䛺䛔䚹
2013ᖺ12᭶
䝡䜽䝖䝸䜰ᕞ㈈ົබ♫
19
㐃⤡ඛヲ⣽
Bill Whitford
䝬䝛䞊䝆䞁䜾䞉䝕䜱䝺䜽䝍䞊
Justin Lofting
㈈ົ㒊䝆䜵䝛䝷䝹䞉䝬䝛䞊䝆䝱䞊
Tel: +61 3 9651 4800
Email: [email protected]
Tel: +61 3 9651 4828
Email: [email protected]
2013ᖺ12᭶
䝡䜽䝖䝸䜰ᕞ㈈ົබ♫
52 2013ᖺ12᭶11᪥ᅾ᪥࣮࢜ࢫࢺࣛࣜ࢔኱౑㤋
20
Thank you
Disclaimer
ᮏ㈨ᩱ䛿䚸௒ᅇ䛾䝣䜷䞊䝷䝮㛤ദ᫬Ⅼ䛻䛚䛔䛶䝡䜽䝖䝸䜰ᕞ㈈ົබ♫(TCV)䛜ಖ᭷䛩䜛䝕䞊䝍䛻ᇶ䛵䛝䚸䝡䜽䝖䝸䜰ᕞ㈈ົබ♫
This
publication is: provided for the benefit of TCV clients for general information purposes only, based on
䛾㢳ᐈྥ䛡᝟ሗ※䛾┠ⓗ䛸䛧䛶䛾䜏సᡂ䛥䜜䛯䜒䛾䛷䛩䚹ᮏ㈨ᩱ䛻ྵ䜎䜜䜛ぢゎ䜔ண᝿䛿ᑗ᮶䛾㐠⏝⤖ᯝ䛒䜛䛔䛿䝺䞊䝖䜢
facts
and data available to TCV at the time of its preparation. Opinion and forecasts do not guarantee future
ಖド䛩䜛䜒䛾䛷䛿䛒䜚䜎䛫䜣䚹㐠⏝⤖ᯝཬ䜃䝺䞊䝖䛿㔠⼥ᕷሙ䛒䜛䛔䛿⤒῭≧ἣ䛾ኚ໬䛻䜘䜚ኚື䛧䜎䛩䚹ᮏ㈨ᩱ䛾᝟ሗ䛻
outcomes
or rates. Outcomes and rates will be subject to variations due to fluctuations and changed financial
㛵䛧䛶ኚ᭦䛒䜛䛔䛿ㄗ䜚䛜䛒䛳䛯ሙྜ䚸TCV䛿䛛䛛䜛᝟ሗ䜢᭦᪂䛩䜛⩏ົ䜢㈇䛔䜎䛫䜣䚹ᚑ䛳䛶䚸TCV䛸䛧䛶䛿ᮏ㈨ᩱ䛾᝟ሗ
market
or economic conditions. TCV is not under any obligation to update the information in this publication
䛾᏶඲ᛶ䚸ṇ☜ᛶཬ䜃㐺᱁ᛶ䛻㛵䛧䛶୍ษಖド䛧䜎䛫䜣䚹ἲ䛾チ䛩᭱኱㝈䛾⠊ᅖෆ䛷䚸TCV䛿ᮏ㈨ᩱ䛾᝟ሗ䛾฼⏝䛛䜙⏕䛨
if䛯┤᥋ⓗ䜒䛧䛟䛿㛫᥋ⓗᦆኻ䚸ᦆᐖཬ䜃㈝⏝䛻㛵䛧䛶㈐௵䜢㈇䛖䛣䛸䛿䛒䜚䜎䛫䜣
it becomes aware of a change or inaccuracy in the information. Accordingly,
TCV does not warrant or
䠄㐣ኻ௚䛻ᅉ䜙䛪䠅䚹
represent that the information contained in this publication is complete, accurate or suitable for use. To the
fullest
extent permitted by law, TCV accepts no liability to any person for any direct or indirect loss, damage,
ಙ⏝᱁௜䛡䛻㛵䛩䜛ཧ⪃᝟ሗ䛿䛂኱ཱྀ㢳ᐈ䛃䛾᝟ሗ䛻䛾䜏ᥦ౪䛩䜛䜒䛾䛷䚸఍♫ἲ2001ᖺ➨761G᮲(Cth)䛻ᇶ䛵䛝䛂ᑠཱྀ㢳
cost
or expense whatsoever arising from use of information contained in this publication (whether arising from
ᐈ䛃䛻䛿┤᥋ⓗ䜒䛧䛟䛿㛫᥋ⓗ䛻㛤♧䛧䛶䛿䛔䛡䜎䛫䜣䚹
negligence or otherwise).
Any reference to credit ratings has been provided solely for the information of “wholesale clients” and must not
be directly or indirectly disclosed to “retail clients” within the meaning of section 761G of the Corporations Act
2001 (Cth).
2013ᖺ12᭶
䝡䜽䝖䝸䜰ᕞ㈈ົබ♫
21
For more information on TCV,
䝡䜽䝖䝸䜰ᕞ㈈ົබ♫䛸䛭䛾䝃䞊
our products and services,
䝡䝇䛻䛴䛔䛶䛿䚸ୗグ䝃䜲䝖䜢䛤
please visit:
ぴ䛟䛰䛥䛔䚹
www.tcv.vic.gov.au
࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆࣇ࢛࣮࣒ࣛ 53
䜽䜱䞊䞁䝈䝷䞁䝗ᕞ䛾⤒῭䚸
㈈ᨻᨻ⟇䛚䜘䜃
䜽䜱䞊䞁䝈䝷䞁䝗ᕞ㈈ົබ♫䛾
೉ධ䝥䝻䜾䝷䝮
Philip Noble
㤳ᖍᇳ⾜ᙺဨ
⤒῭ᡂ㛗䜢⥆䛡䜛䜽䜱䞊䞁䝈䝷䞁䝗ᕞ
54 2013ᖺ12᭶11᪥ᅾ᪥࣮࢜ࢫࢺࣛࣜ࢔኱౑㤋
Ϯ
10൨㇦䝗䝹䚸ᖺᖹᆒ
10൨㇦䝗䝹䚸ᖺᖹᆒ
௒ᚋ䛾⤒῭ᡂ㛗䛿㍺ฟ䛜≌ᘬ
ᾏእ㍺ฟ /+6
ฟᡤ: 䜽䜱䞊䞁䝈䝷䞁䝗ᕞ
㈈ົ㈠᫆┬
タഛᢞ㈨ 5+6
3
2015-16ᖺ䜎䛷䛻LNG䛜䜽䜱䞊䞁䝈䝷䞁䝗ᕞ䛷
2␒┠䛻ከ䛔㍺ฟရ┠䛸䛺䜛ぢ㎸䜏
10൨㇦䝗䝹
LNG䛾㍺ฟ䛿
2015-16ᖺ䛻
100൨㇦䝗䝹䜢
㉸䛘䜛ぢ㎸䜏
▼Ⅳ
䝧䞊䝇䝯䝍䝹
/1*
ฟᡤ: ㇦ᕞ⤫ィᒁ㠀බ⾲
䝕䞊䝍䠗 䜽䜱䞊䞁䝈䝷䞁䝗
ᕞ㈈ົ㈠᫆┬
4
࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆࣇ࢛࣮࣒ࣛ 55
ከᵝ䛺⏘ᴗ䛜㞟䜎䜛䜽䜱䞊䞁䝈䝷䞁䝗ᕞ⤒῭
㎰ᴗ
ᩍ⫱䚸◊ಟ
䝦䝹䝇䜿䜰䞉
♫఍ᢇຓ
බⓗ䝉䜽䝍䞊䞉
බඹ஦ᴗ
〇㐀ᴗ
㐠㏦䞉㏻ಙᴗ
㔠⼥䞉
୙ື⏘䝃䞊䝡䝇ᴗ
ᘓタᴗ
ኳ↛㈨※
༺኎䞉ᑠ኎ᴗ
䛭䛾௚
ฟᡤ: ㇦ᕞ⤫ィᒁ
5
ᘓタᴗ
㎰ᴗ
Agriculture
ほගᴗ
㈨※
6
56 2013ᖺ12᭶11᪥ᅾ᪥࣮࢜ࢫࢺࣛࣜ࢔኱౑㤋
“AAA”᱁䛾෌ྲྀᚓ䜢බ⣙
10൨㇦䝗䝹
ᕞ䛾㈈ົᇶ┙䜢
ᨵၿ䛩䜛䛯䜑䚸
Ẹ㛫㒊㛛䛾ᢞ㈨
䜢άⓎ໬䛥䛫䜛
䜶䝛䝹䜼䞊䜲䞁䝣䝷
ἲᚊ䚸἞Ᏻ䚸බ⾗Ᏻ඲
஺㏻䜲䞁䝣䝷
䛭䛾௚䜲䞁䝣䝷
ᩍ⫱䚸◊ಟ
Ỉ䜲䞁䝣䝷
ಖ೺䚸ఫᏯ䚸䝁䝭䝳䝙䝔䜱䞊䝃䞊䝡䝇
ฟᡤ: 䜽䜱䞊䞁䝈䝷䞁䝗ᕞ
㈈ົ㈠᫆┬
7
㈈ᨻ≧ἣ䜢ᨵၿ䛥䛫䚸ຠ⋡ⓗ䛺ṓฟ䜢බ⣙
๓ᖺቑῶ⋡ (%)
ṓฟఙ䜃⋡䛿
1998-99ᖺ௨᮶
䛾పỈ‽
ᖺᡂ㛗⋡
ᖺ䜎䛷䛾ᖺᖹᆒᡂ㛗⋡
ᖺ௨㝆䛾ண⟬ᮇ㛫䛾ᖹᆒᡂ㛗⋡
ฟᡤ: 䜽䜱䞊䞁䝈䝷䞁䝗ᕞ
㈈ົ㈠᫆┬
8
࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆࣇ࢛࣮࣒ࣛ 57
100୓㇦䝗䝹
2015-16ᖺ䜎䛷䛻㈈ᨻ㯮Ꮠ䛾ᐇ⌧䜢බ⣙
⣧㐠Ⴀ཰ᨭ䠄ண 䠅
㈈ᨻ཰ᨭ䠄ண 䠅
⣧㐠Ⴀ཰ᨭ䠄ᐇ㝿䠅
㈈ᨻ཰ᨭ䠄ᐇ㝿䠅
ฟᡤ: 䜽䜱䞊䞁䝈䝷䞁䝗ᕞ
㈈ົ㈠᫆┬
9
᪂つⓎ⾜㢠䠄⣧㢠䠅䛿ῶᑡ
100୓㇦䝗䝹
ண 㛗ᮇമົⓎ⾜ṧ㧗
㛗ᮇമົ䛾೉᥮ṧ㧗䠄⣧㢠䠅
᪂つ㈨㔠䠄⣧㢠䠅
10
58 2013ᖺ12᭶11᪥ᅾ᪥࣮࢜ࢫࢺࣛࣜ࢔኱౑㤋
ὶືᛶ䛾☜ಖ䜢┠ⓗ䛸䛧䛯
㇦䝗䝹ᘓ䛶䝧䞁䝏䝬䞊䜽മ䛾Ⓨ⾜
600൨㇦䝗䝹䛾
䝧䞁䝏䝬䞊䜽മ
䜢Ⓨ⾜ணᐃ
144
A
100୓㇦䝗䝹
144
A
144
A
ൾ㑏᪥
† 144A 㐺⏝
11
G20䛸䜽䜱䞊䞁䝈䝷䞁䝗ᕞ
䜴䜵䜲䝟
䜿䜰䞁䝈
2014ᖺ䛻20䛛ᅜ㈈ົ኱⮧䞉
୰ኸ㖟⾜⥲⿢఍㆟䠄G20䠅䜢
㛤ദணᐃ
䜿䜰䞁䝈
䝍䜴䞁䝈䝡䝹
䝬䜴䞁䝖
䜰䜲䝄
䝏䝱䞊䝍䞊䝈
䝍䝽䞊䝈
䝬䝑䜹䜲
䝻䝑䜽䝝䞁䝥䝖䞁
䜾䝷䝑䝗䝇䝖䞊䞁
䝲䝷䜹
䝞䞁䝎䝞䞊䜾
䜻䝹䝢䞊
䜹䝘䝬䝷
䝏䝱䞊䝹䝡䝹
䝖䜳䞊䞁䝞
䝂䞊䝹䝗䝁䞊䝇䝖
䝯䜰䝸䞊䝞䝷
䝤䝸䝇䝧䞁:
2014ᖺ䛻G20㤳⬻఍㆟䜢
㛤ദணᐃ
䝤䝸䝇䝧䞁
䝂䞊䝹䝗䞉䝁䞊䝇䝖
12
࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆࣇ࢛࣮࣒ࣛ 59
ヲ⣽᝟ሗ
ƒ www.qtc.qld.gov.au
ƒ ᢞ㈨ᐙྥ䛡䜰䝑䝥䝕䞊䝖email [email protected]
ƒ 䜰䝘䝸䝇䝖䞉䝉䞁䝍䞊䜽䜱䞊䞁䝈䝷䞁䝗ᕞ䞉㇦ᕞ䛾⤒῭᝟ሗ䛚䜘䜃㔠⼥䝕䞊
䝍䜈䛾䜰䜽䝉䝇
ƒ ,QYHVWLQ47&䠖 iPad䝴䞊䝄䞊ྥ䛡䛻 App Store䛛䜙䝎䜴䞁䝻䞊䝗䛜ྍ⬟
13
䛒䜚䛜䛸䛖䛤䛦䛔䜎䛧䛯
14
60 2013ᖺ12᭶11᪥ᅾ᪥࣮࢜ࢫࢺࣛࣜ࢔኱౑㤋
す䜸䞊䝇䝖䝷䝸䜰ᕞ
㈈ົබ♫䠄WATC䠅
䜸䞊䝇䝖䝷䝸䜰㈈ົ┬മົ⟶⌮ᗇ䠄AOFM䠅
䛚䜘䜃䜸䞊䝇䝖䝷䝸䜰ᕞᨻᗓ䛻䜘䜛
ᢞ㈨ᐙㄝ᫂఍䠄ᮾி䠅
2013ᖺ12᭶11᪥
᭱㧗ᇳ⾜ᙺဨ
John Collins
す䜸䞊䝇䝖䝷䝸䜰ᕞ㈈ົබ♫䠄WATC䠅䜴䜵䝤䝃䜲䝖䠖 www.watc.wa.gov.au
す䜸䞊䝇䝖䝷䝸䜰ᕞ㈈ົ┬䜴䜵䝤䝃䜲䝖䠖 www.treasury.wa.gov.au
FINANCIAL SOLUTIONS FOR THE BENEFIT OF ALL WESTERN AUSTRALIANS
す䜸䞊䝇䝖䝷䝸䜰ᕞ
䛿䛨䜑䛻
•
す䜸䞊䝇䝖䝷䝸䜰ᕞ䛿䚸250୓䟜²䛾㠃✚䜢᭷䛧䚸
䜸䞊䝇䝖䝷䝸䜰኱㝣䛾すഃ3ศ䛾1䜢༨䜑䜛䚹
•
ேཱྀ䛿䚸䛚䜘䛭250୓ே䛸䛥䜜䚸䜸䞊䝇䝖䝷䝸䜰
䛾⥲ேཱྀ2,300୓ே䛾⣙11%䛻┦ᙜ䚹
•
•
1829ᖺ䛻ᘓタ䛥䜜䛯ྠᕞ䛾ᕞ㒔䝟䞊䝇䛻䛿⣙
180୓ே䛜ఫ䜐䚹
す䜸䞊䝇䝖䝷䝸䜰ᕞ㈈ົබ♫䠄Western
Australian Treasury Corporation䠖WATC䠅䛿䚸
ྠᕞ䛾୰ኸ೉ධᶵ㛵䛷䛒䜛䚹
FINANCIAL SOLUTIONS FOR THE BENEFIT OF ALL WESTERN AUSTRALIANS
2
࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆࣇ࢛࣮࣒ࣛ 61
す䜸䞊䝇䝖䝷䝸䜰ᕞ⤒῭
୍㈏䛧䛶ຊᙉ䛟Ᏻᐃⓗ
䠄%䠅
ᅜෆ⥲⏕⏘䠄GDP䠅䛸ᕞෆ⥲⏕⏘䠄GSP䠅 ᖺ㛫ᡂ㛗⋡䠄%䠅
ண 䜸䞊䝇䝖䝷䝸䜰
す䜸䞊䝇䝖䝷䝸䜰ᕞ
FINANCIAL SOLUTIONS FOR THE BENEFIT OF ALL WESTERN AUSTRALIANS
3
す䜸䞊䝇䝖䝷䝸䜰ᕞ⤒῭
᭱᪂䛾⤒῭ண ᖺ㛫ᡂ㛗⋡ (%)
ᐇ⦼್
%
᥎ᐃ
ᐇ⦼್
%
ண⟬
䝧䞊䝇
%
ᑗ᮶
ண %
ᑗ᮶
ண %
ᑗ᮶
ண %
ᐇ㉁ᕞෆ⥲⏕⏘䠄GSP䠅
ᐇ㉁ᕞ᭱⤊㟂せ
⣧㍺ฟ
㞠⏝
ኻᴗ⋡
㈤㔠౯᱁ᣦᩘ䠄WPI䠅
䝟䞊䝇ᾘ㈝⪅≀౯ᣦᩘ䠄CPI䠅
ฟ඾: 2013-14ᕞண⟬᭩䛚䜘䜃䜸䞊䝇䝖䝷䝸䜰⤫ィᒁ䠄Australian Bureau of Statistics䠖ABS䠅
FINANCIAL SOLUTIONS FOR THE BENEFIT OF ALL WESTERN AUSTRALIANS
4
62 2013ᖺ12᭶11᪥ᅾ᪥࣮࢜ࢫࢺࣛࣜ࢔኱౑㤋
す䜸䞊䝇䝖䝷䝸䜰ᕞ⤒῭
┤㏆䛾䝢䞊䜽䛿㉺䛘䛯䛜䚸タഛᢞ㈨䛿㧗䛔Ỉ‽䛷᥎⛣䛩䜛䛸ண す䜸䞊䝇䝖䝷䝸䜰ᕞ䛾ᐇ㉁タഛᢞ㈨㢠䠄༢఩䠖ⓒ୓㇦䝗䝹䠅
ண ฟ඾: ABS䚸2013-14 ᕞண⟬䚸WATC
• す䜸䞊䝇䝖䝷䝸䜰ᕞ䛾ᐇ㉁タഛᢞ㈨㢠䛿䚸2012-13ᖺ䛻8.1%䛾ቑຍ䜢ぢ䛫䛯䛜䚸2013-14ᖺ
䛿9.0%䛾ୗⴠ䛸䛺䜛ぢ㎸䜏䚹
• ⌧ᅾᘓタ୰䛾㈨※䝥䝻䝆䜵䜽䝖䛿䚸⥲㢠⣙ 1,280൨㇦䝗䝹䛸ヨ⟬䛥䜜䜛䚹
FINANCIAL SOLUTIONS FOR THE BENEFIT OF ALL WESTERN AUSTRALIANS
5
す䜸䞊䝇䝖䝷䝸䜰ᕞ⤒῭
ᘓタ䛛䜙⏕⏘䜈䛾⛣⾜䝣䜵䞊䝈䛿䚸㐣ཤ25ᖺ㛫䛻䜒3ᗘぢ䜙䜜䛶䛚䜚䚸す䜸䞊䝇䝖䝷
䝸䜰ᕞ䛾೺඲䛺⌧㇟
ᣦᶆ䠖 100 = ┤㏆䛾タഛᢞ㈨䝃䜲䜽䝹䛾䝢䞊䜽
᪂つタഛᢞ㈨
㍺ฟ
᪂つタഛᢞ㈨䛻䛿䚸୰ྂ㈨⏘䛾㉎ධ䠄౛䛘䜀䚸1997-98ᖺ䛻ᐇ᪋䛥䜜䛯䝎䞁䝢䜰䠉䝟䞊䝇㛫䛾䜺䝇䝟䜲䝥䝷䜲
䞁䛾බⓗ䝉䜽䝍䞊䛛䜙Ẹ㛫䝉䜽䝍䞊䜈䛾኎༷䛺䛹䠅䛿ྵ䜎䜜䛺䛔䚹
ฟ඾: ABS䚸2013-14 ᕞண⟬᭩
FINANCIAL SOLUTIONS FOR THE BENEFIT OF ALL WESTERN AUSTRALIANS
6
࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆࣇ࢛࣮࣒ࣛ 63
す䜸䞊䝇䝖䝷䝸䜰ᕞ⤒῭
⌧ᅾ䛾ᘓタ䛛䜙⏕⏘䜈䛾⛣⾜䝣䜵䞊䝈
⏕⏘
ᘓタ
50
䠄༢఩䠖10൨㇦䝗䝹䠅
140
45
㕲㖔▼ྜィ
㕲㖔▼ྜィ
Total
Iron Ore
㕲㖔▼ྜィ
40
ᾮ໬ኳ↛䜺䝇ྜィ
Total
LNG
35
30
䠄༢఩䠖10൨㇦䝗䝹䠅
㕲㖔▼ྜィ
Total
Iron Ore
120
Total
LNG
ᾮ໬ኳ↛䜺䝇ྜィ
100
80
25
60
20
15
40
10
20
5
0
0
2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
ฟ඾: 2013-14 ᕞண⟬᭩
FINANCIAL SOLUTIONS FOR THE BENEFIT OF ALL WESTERN AUSTRALIANS
7
す䜸䞊䝇䝖䝷䝸䜰ᕞ⤒῭
ேཱྀቑຍ䛻䜘䜚⤒῭ᡂ㛗䛜ຍ㏿䛩䜛୍᪉䛷䚸䜲䞁䝣䝷䛻ᑐ䛩䜛㟂せ䜒Ⓨ⏕
ᖺ㛫ኚ໬⋡(%)
ேཱྀቑຍ
ேཱྀቑຍ䛾ෆヂ
ᖺ㛫ᖹᆒᡂ㛗䛸䛾ẚ㍑䠉す䜸䞊䝇䝖䝷䝸䜰ᕞ
⮬↛ቑ
ᕞ㛫䛾⣧⛣ఫᩘ
ண ᖹᆒ
ᡂ㛗⋡
=2.3%
ᾏእ䛛䜙䛾⣧⛣Ẹᩘ
ฟ඾: ABS
ฟ඾: 2013-14 ᕞண⟬
• 㐣ཤ5ᖺ㛫䛾䜸䞊䝇䝖䝷䝸䜰඲య䛾ᖺ㛫ᖹᆒேཱྀቑຍ⋡䛜1.7%䛷䛒䜛䛾䛻ᑐ䛧䚸す䜸䞊
䝇䝖䝷䝸䜰ᕞ䛾ᖺ㛫ᖹᆒேཱྀቑຍ⋡䛿3.0%䛸䛺䛳䛶䛔䜛䚹
• ேཱྀቑຍ䛾኱༙䛿䚸ᾏእ䛛䜙䛾⛣Ẹ䛻䜘䜛䜒䛾䛷䛒䜛䚹
FINANCIAL SOLUTIONS FOR THE BENEFIT OF ALL WESTERN AUSTRALIANS
8
64 2013ᖺ12᭶11᪥ᅾ᪥࣮࢜ࢫࢺࣛࣜ࢔኱౑㤋
す䜸䞊䝇䝖䝷䝸䜰ᕞ㈈ᨻ
ሀᐇ䛛䛴ಖᏲⓗ䚸㐺ษ䛺㐠Ⴀ
䠄༢఩䠖10൨㇦䝗䝹䠅
す䜸䞊䝇䝖䝷䝸䜰ᕞᨻᗓ䛾⣧㐠Ⴀ཰ᨭ䠄༢఩䠖100୓䝗䝹䠅
ண 䛭䛾௚
౑⏝ᩱ཰ධ
⛯཰ධ
䛭䛾௚䛾㐃㑥஺௜㔠
≀ရ䝃䞊䝡䝇⛯
ண ฟ඾: 2013-14 ᕞண⟬
ฟ඾: 2013-14 ᕞண⟬
• 㐣ཤ12ᖺ㛫䛻䜟䛯䜚䚸す䜸䞊䝇䝖䝷䝸䜰ᕞ䛾୍⯡ᨻᗓ㒊㛛㐠Ⴀண⟬䛿䚸㈈ᨻ㯮Ꮠ䜢グ㘓䛧䛶䛔䜛䚹
• ⌧ᅾ䛾䛸䛣䜝2014-15ᖺ䛾㐠Ⴀ཰ᨭ䛿㉥Ꮠ䜈㌿ⴠ䛩䜛ぢ㎸䜏䛷䛒䜛䛜䚸㈈ົ኱⮧䛿䚸㐠Ⴀୖ䛾㈈ᨻ㉥Ꮠ
䛻ᑐ䛧ᣦ᥹䜢ᇳ䜛ពྥ䛿䛺䛔䛣䛸䜢᫂䜙䛛䛻䛧䛶䛔䜛䚹
• ㈈ᨻ⾜ືィ⏬䠄Fiscal Action Plan䠅䛾Ⓨ⾲䛻⥆䛝䚸୰㛫ぢ┤䛧䛻䛿ᜍ䜙䛟䚸ᑗ᮶ண 䛾ᨵၿ䜢ᅗ䜛䛣䛸䜢┠
ⓗ䛸䛧䛯ṓฟ䚸㈨⏘኎༷䚸㈨⏘ᢞ㈨䝥䝻䜾䝷䝮䛻ᑐᛂ䛩䜛㏣ຍⓗ᪋⟇䛜ྵ䜎䜜䜛ぢ㏻䛧䚹
FINANCIAL SOLUTIONS FOR THE BENEFIT OF ALL WESTERN AUSTRALIANS
9
す䜸䞊䝇䝖䝷䝸䜰ᕞ㈈ᨻ
ᑗ᮶䛾䛯䜑䛾䜲䞁䝣䝷ᢞ㈨
す䜸䞊䝇䝖䝷䝸䜰ᨻᗓ㈨⏘ᢞ㈨䝥䝻䜾䝷䝮䠄༢఩䠖ⓒ୓㇦䝗䝹䠅
2013䠉14ᖺ㈨⏘ᢞ㈨䝥䝻䜾䝷䝮
஺㏻ᒁ
ண Ỉ㐨බ♫
ఫᏯᒁ
ಖ೺┬
ྜィ
㟁ຊ఍♫
䛭䛾௚䛾ᶵ㛵
䝷䞁䝗䝁䞊䝥
ᩍ⫱┬
ಖㆤ䞉▹ṇ┬
㐨㊰ᒁ
ฟ඾: 2013-14 ᕞண⟬
ฟ඾: 2013-14 ᕞண⟬
• ᨻᗓ䛿㈨⏘ᢞ㈨䝥䝻䜾䝷䝮䠄Asset Investment Program䠅䜢㏻䛧䛶䚸す䜸䞊䝇䝖䝷䝸䜰ᕞ䛾ேཱྀቑຍ䛸⤒῭
ᡂ㛗䛻䛸䜒䛺䛔ᚲせ䛸䛺䜛䜲䞁䝣䝷䜈䛾ᢞ㈨䜢⥅⥆䚹
• ௒ᚋ4ᖺ㛫䛾ண⟬䛻䛚䛡䜛㈨⏘ᢞ㈨䝥䝻䜾䝷䝮䛿䚸㐣ཤ4ᖺ㛫䛾䛭䜜䛸䜋䜌୪䜆䚸ྜィ269൨㇦䝗䝹䛸䛺䜛
ぢ㎸䜏䚹
• 䛣䜜䜎䛷䛿ಖ೺䚸ᩍ⫱䚸Ỉ㛵㐃䝥䝻䝆䜵䜽䝖䛻㔜Ⅼ䛜⨨䛛䜜䛶䛔䛯䛜䚸ᑗ᮶䛿බඹ㍺㏦㒊㛛䜈䛸㍈㊊䛜⛣
䜛ணᐃ䚹
FINANCIAL SOLUTIONS FOR THE BENEFIT OF ALL WESTERN AUSTRALIANS
10
࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆࣇ࢛࣮࣒ࣛ 65
す䜸䞊䝇䝖䝷䝸䜰ᕞ㈈ᨻ
㈈ᨻ⾜ືィ⏬
୍⯡ᨻᗓ㐠Ⴀຠᯝ
ṓධ
ṓධෆヂ
㠀୙ື⏘㈨⏘䛻ᑐ䛩䜛ㆡΏ⛯ᗫṆ䛾ᘏᮇ
ᅵᆅ⛯䠄12.5%䛾⛯⋡ᘬ䛝ୖ䛢䠅
༙Ẹ㛫㌴୧චチ
䝡䝄䜢ᡤ᭷䛩䜛457ྡ䛾⏕ᚐ䛾Ꮫ㈝
⛯ົ⟶⌮䝟䝑䜿䞊䝆
䝥䝻䜾䝷䝮䝺䝧䝹䛷䛾⤒㈝๐ῶ⟇
⥲ṓධຠᯝ
ṓฟ
බඹ䝉䜽䝍䞊䛾ປാຊᨵ㠉䠄a䠅
䝥䝻䜾䝷䝮ホ౯
䝥䝻䜾䝷䝮䝺䝧䝹䛷䛾⤒㈝๐ῶ⟇
බඹ㍺㏦䝁䝇䝖䛾ᅇ཰
ㄪ㐩䛸ᗈ࿌䛾୍᫬෾⤖
฼Ꮚᡤᚓ
⥲ṓฟຠᯝ
⥲㐠Ⴀຠᯝ
6᭶ᮎ᫬Ⅼ䛷䛾⣧㈇മ䛻ᑐ䛩䜛⤒㈝๐ῶຠᯝ
䜲䞁䝣䝷ᢞ㈨┘ᰝ
䝥䝻䜾䝷䝮ホ౯
䝥䝻䜾䝷䝮䝺䝧䝹䛷䛾⤒㈝๐ῶ⟇
䛭䛾௚䛾⥲⣧㈇മຠᯝ
ᖺ㛫䛾⥲ຠᯝ
(a) 2013Ǧ14ᖺ䛻ᐇ᪋䛥䜜䛯ᕼᮃ㏥⫋ไᗘ䛾䛯䜑䛾䝁䝇䝖䜢ྵ䜐䠄⣙1൨㇦䝗䝹䛸ヨ⟬䠅
FINANCIAL SOLUTIONS FOR THE BENEFIT OF ALL WESTERN AUSTRALIANS
11
す䜸䞊䝇䝖䝷䝸䜰ᕞ⣧㈇മண 䜲䞁䝣䝷ᢞ㈨㟂せ䛾50%ᨭ᥼䛾䛯䜑䛻⣧㈇മ䛿ቑຍ䛧䛴䛴䛒䜛䛜䚸ṓධ䛺䜙䜃䛻䝞䝷䞁䝇䝅䞊䝖䛸䛾
ẚ㍑䛷䛿䚸㐺ษ䛺⠊ᅖ䜢᥎⛣
す䜸䞊䝇䝖䝷䝸䜰ᕞ䛾බඹ䝉䜽䝍䞊䛾⣧㈇മ⥲㢠䠄༢఩䠖ⓒ୓䝗䝹䠅
⣧㈇മ
⥲㈇മ
ண ฟ඾: 2013-14 ᕞண⟬
• 2012-13ᖺ䛾す䜸䞊䝇䝖䝷䝸䜰ᕞබඹ䝉䜽䝍䞊䛾⣧㈇മ䛿182൨㇦䝗䝹
䠄GSP䛾7.6% 䛻┦ᙜ䠅䛷䛒䜚䚸 2016-17ᖺ䛻䛿䚸284൨㇦䝗䝹䠄ྠ9.8% 䛻┦
ᙜ䠅䜈䛸ቑຍ䛩䜛ぢ㎸䜏䚹䛣䜜䛿䚸2013ᖺ6᭶䛻ヨ⟬䛥䜜䛯す䜸䞊䝇䝖䝷䝸䜰ᕞ
䛾බඹ䝉䜽䝍䞊䛾⣧㈨⏘1,129൨㇦䝗䝹䛸ᑐẚ䛥䜜䜛䚹
FINANCIAL SOLUTIONS FOR THE BENEFIT OF ALL WESTERN AUSTRALIANS
12
66 2013ᖺ12᭶11᪥ᅾ᪥࣮࢜ࢫࢺࣛࣜ࢔኱౑㤋
す䜸䞊䝇䝖䝷䝸䜰ᕞ㈈ᨻ
S&P䛾୺せ᱁௜ᣦᶆ䛿㐠Ⴀ཰ᨭ䛻ᑐ䛩䜛⣧㔠⼥㈇മ䜢䛂Ṕྐⓗ䛃䛸ホ౯
S&P 㔠⼥㈇മ䝖䝸䜺䞊
㈈ᨻぢ㏻䛧ẚ㍑
2013Ǧ14ᖺண AAAホ౯䠉✺ฟ䛩䜛す䜸䞊䝇䝖䝷䝸䜰ᕞ
䝙䝳䞊䝃䜴䝇
䜴䜵䞊䝹䝈
⣧㈇മ/㐠Ⴀ཰ᨭ
䠄㠀㔠⼥㒊㛛䛾බඹ䝉䜽䝍䞊䠅
䜽䜱䞊䞁䝈䝷䞁䝗
༡䜸䞊䝇䝖䝷䝸䜰
䝡䜽䝖䝸䜰
䝍䝇䝬䝙䜰
䝙䝳䞊䝃䜴䝇
䜴䜵䞊䝹䝈
す䜸䞊䝇䝖䝷䝸䜰
䝡䜽䝖䝸
䜰
༡䜸䞊䝇䝖䝷䝸䜰
す䜸䞊䝇䝖䝷䝸䜰
䝍䝇䝬䝙䜰
䜽䜱䞊䞁䝈䝷䞁䝗
ୖグ䛾⾲䛚䜘䜃䜾䝷䝣䛿䚸䝅䝗䝙䞊䛾䜸䞊䝇䝖䝷䝸䜰䞉䝁䝰䞁䜴䜵䝹䝇
㖟⾜䠄Commonwealth Bank of Australia䠅䛾䜰䝎䝮䞉䝗䝘䝹䝗䝋䞁Ặ
䠄Adam Donaldson䠅䛾チྍ䜢ཷ䛡䛶ᥖ㍕䛩䜛䜒䛾䛷䛒䜛䚹
Ⓨ⾲ᙜึ䚸ぢ㏻䛧䛿䛂䝛䜺䝔䜱䝤䛃䛸䛥䜜䛶䛔䛯ᕞ䛻䛿䚸䛂 * 䛃䛜௜䛔
䛶䛔䜛䚹 S&P䛿2013ᖺ9᭶18᪥䚸 す䜸䞊䝇䝖䝷䝸䜰ᕞ䛾᱁௜䛡䜢
䛂AA+ 䛃䛻ᘬ䛝ୗ䛢䚸ぢ㏻䛧䛿䛂Ᏻᐃⓗ䛃䛸䛧䛶䛔䜛䚹
FINANCIAL SOLUTIONS FOR THE BENEFIT OF ALL WESTERN AUSTRALIANS
13
す䜸䞊䝇䝖䝷䝸䜰ᕞ㈈ᨻ
᪂ᪧ㈈ົ┠ᶆ
㈈ົ┠ᶆ䛸㐩ᡂ≧ἣ
_________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
2012 – 13
___________________________________________________________________________________________________________
ண⟬
ண ⤖ᯝ
ᐇ㉁⣧㈨⏘Ỉ‽䛾⥔ᣢ䜎䛯䛿ቑຍ
Yes
Yes
No
୍⯡ᨻᗓ㒊㛛䛾㈈ᨻ㯮Ꮠ
Yes
Yes
Yes
2012-13ᖺண⟬䛾㈈ົ┠ᶆ
ᐇ⦼
⥲㠀㈈ົබඹ㒊㛛䠄TNPS䠅䛾཰ධ䛻ᑐ䛩䜛⣧฼Ꮚ䝁䝇䝖䛾๭ྜ䛿4.5%䜎䛯䛿䛭䜜௨ୗ䛻ᢚไ
Yes
Yes
Yes
⾜ᨻ䝃䞊䝡䝇䛾ᥦ౪䛻ᚲせ䛺୍ேᙜ䛯䜚䛾୍⯡ᨻᗓᨭฟ䛾ቑຍ䛾ᅇ㑊
Yes
Yes
Yes
⛯ไ㠃䛷䛾➇தඃ఩ᛶ
Yes
Yes
Yes
᪂㈈ົ┠ᶆ䛸㐩ᡂ≧ἣ
___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
2012 – 13
__________________________________________________________________________________________________________
2013-14 ᖺண⟬䛾㈈ົ┠ᶆ
ண ⤖ᯝ
ᐇ⦼
ṓฟ䛾ఙ䜃䛜ṓධ䛾ఙ䜃䜢㉸䛘䛺䛔䛣䛸䜢ᚭᗏ
No
No
䜲䞁䝣䝷ᨭฟ䛾ᑡ䛺䛟䛸䜒50%䜢㈇ᢸ䛩䜛୍⯡ᨻᗓ㒊㛛䛾㐠Ⴀάື䛛䜙ᚓ䜙䜜䜛వ๫㈨⏘Ỉ‽䛾⥔ᣢ
No
No
TNPS䛾⣧㈇മ䜢ṓධ䛾55%䜎䛯䛿䛭䜜௨ୗ䛾Ỉ‽䛻⥔ᣢ
Yes
Yes
TNPS㐠Ⴀవ๫㈨⏘䜢཰┈䛾ᑡ䛺䛟䛸䜒5%䛻ಖ䛴
Yes
Yes
ᕞ䛾⛯ไ㠃䛷䛾➇தඃ఩ᛶ䜢⥔ᣢ
Yes
Yes
FINANCIAL SOLUTIONS FOR THE BENEFIT OF ALL WESTERN AUSTRALIANS
14
࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆࣇ࢛࣮࣒ࣛ 67
す䜸䞊䝇䝖䝷䝸䜰ᕞ㈈ᨻ
᪂䛯䛺㈈ᨻ┠ᶆ䠉䜘䜚ᣮᡓⓗ䛺4䛴䛾᪂┠ᶆ
2013-14ᖺண⟬䛻䛚䛡䜛㈈ᨻ┠ᶆ䛸㐩ᡂ≧ἣ
⾲7
ṓฟ䛾ఙ䜃䛜ṓධ䛾ఙ䜃䜢㉸䛘䛺䛔䛣䛸䜢ᚭᗏ
䠉⌧᫬Ⅼ䛷䛾᥎ᐃ್䠄ṓධ䛾ఙ䜃䛿䚸ṓฟ䛾ఙ䜃䜢ୗᅇ䜛䠅
䠉㐩ᡂ≧ἣ
䜲䞁䝣䝷ᨭฟ䛾ᑡ䛺䛟䛸䜒50%䜢㈇ᢸ䛩䜛୍⯡ᨻᗓ㒊㛛䛾㐠Ⴀάື䛛䜙ᚓ䜙䜜䜛
వ๫㈨⏘Ỉ‽䛾⥔ᣢ
䠉⌧᫬Ⅼ䛷䛾᥎ᐃ್
䠉㐩ᡂ≧ἣ
TNPS䛾⣧㈇മ䜢ṓධ䛾55%䜎䛯䛿䛭䜜௨ୗ䛾Ỉ‽䛻⥔ᣢ
䠉⌧᫬Ⅼ䛷䛾᥎ᐃ್
䠉㐩ᡂ≧ἣ
TNPS㐠Ⴀవ๫㈨⏘䜢཰┈䛾ᑡ䛺䛟䛸䜒5%䛻ಖ䛴
䠉⌧᫬Ⅼ䛷䛾᥎ᐃ್
䠉㐩ᡂ≧ἣ
ᕞ䛾⛯ไ㠃䛷䛾➇தඃ఩ᛶ䜢⥔ᣢ
䠉㐩ᡂ≧ἣ
ฟ඾: 2013-14ᕞண⟬
FINANCIAL SOLUTIONS FOR THE BENEFIT OF ALL WESTERN AUSTRALIANS
15
す䜸䞊䝇䝖䝷䝸䜰ᕞ㈈ົබ♫䠄㼃㻭㼀㻯䠅
ᴫせ
す䜸䞊䝇䝖䝷䝸䜰ᕞ㈈ົබ♫䠄㼃㼑㼟㼠㼑㼞㼚㻌㻭㼡㼟㼠㼞㼍㼘㼕㼍㼚㻌㼀㼞㼑㼍㼟㼡㼞㼥㻌㻯㼛㼞㼜㼛㼞㼍㼠㼕㼛㼚䠖㼃㻭㼀㻯䠅䛿䚸㻝㻥㻤㻢ᖺ䛾す䜸䞊䝇䝖䝷䝸
䜰ᕞ㈈ົබ♫ἲ䠄 㼃㼑㼟㼠㼑㼞㼚㻌㻭㼡㼟㼠㼞㼍㼘㼕㼍㼚㻌㼀㼞㼑㼍㼟㼡㼞㼥㻌㻯㼛㼞㼜㼛㼞㼍㼠㼕㼛㼚㻌㻭㼏㼠㻌㻝㻥㻤㻢㻌䠅䛻ᇶ䛵䛝タ❧䛥䜜䛯䚸す䜸䞊䝇䝖䝷䝸
䜰ᕞ䛾୰ኸ೉ධᶵ㛵䛷䛒䜛䚹
㼃㻭㼀㻯䛿䚸 㻝㻢㻜䜢㉸䛘䜛す䜸䞊䝇䝖䝷䝸䜰ᕞෆ䛾‽ᨻᗓᶵ㛵䛚䜘䜃ᆅ᪉⮬἞య䛻㈚௜䜢⾜䛖䛯䜑䚸ᅜෆእ䛾
ᕷሙ䛻䛚䛔䛶㈨㔠䛾೉ධ䜢⾜䛔䚸䜎䛯す䜸䞊䝇䝖䝷䝸䜰ᕞ䛾බඹ䝉䜽䝍䞊䛻ຓゝ䛺䜙䜃䛻ᢞ㈨䜔እᅜⅭ᭰䛻
㛵䛩䜛䝃䞊䝡䝇䜢ᥦ౪䛧䛶䛔䜛䚹㻞㻜㻝㻟ᖺ㻝㻜᭶ᮎ䛾㼃㻭㼀㻯㻌䛾⥲㈇മ㢠䛿䚸㻟㻠㻠൨㇦䝗䝹䛸䛺䛳䛶䛔䜛䚹
㼃㻭㼀㻯䛻䜘䜛೉ධ㔠䛿䚸㻝㻥㻤㻢ᖺ䛾す䜸䞊䝇䝖䝷䝸䜰ᕞ㈈ົබ♫ἲ䛾➨㻝㻟᮲➨㻔㻝㻕㡯䛻ᇶ䛵䛝䚸す䜸䞊䝇䝖䝷䝸
䜰ᕞ䜢௦⾲䛩䜛㈈ົ኱⮧䛜ಖド䛩䜛䚹
᱁௜䛡ᶵ㛵
䝇䝍䞁䝎䞊䝗䠃䝥䜰䞊䝈
䝮䞊䝕䜱䞊䝈䞉䜲䞁䝧䝇䝍䞊䝈䞉䝃䞊䝡䝇
ಙ⏝᱁௜䛡
㛗ᮇ
㻭㻭㻗㻌䠄Ᏻᐃⓗ䠅
㻭㼍㼍 䠄ぢ㏻䛧䛿䝛䜺䝔䜱䝤䠅
▷ᮇ
㻭㻙㻝㻗
㻼㼞㼕㼙㼑㻙㻝
FINANCIAL SOLUTIONS FOR THE BENEFIT OF ALL WESTERN AUSTRALIANS
16
68 2013ᖺ12᭶11᪥ᅾ᪥࣮࢜ࢫࢺࣛࣜ࢔኱౑㤋
す䜸䞊䝇䝖䝷䝸䜰ᕞ㈈ົබ♫
䝞䝷䞁䝇䝅䞊䝖䛻㛵䛩䜛᪂䜺䜲䝗䝷䜲䞁
す䜸䞊䝇䝖䝷䝸䜰ᕞ㈈ົබ♫䠄㼃㻭㼀㻯䠅⌮஦఍䛿㻞㻜㻝㻟ᖺ㻢᭶䚸䝞䝷䞁䝇䝅䞊䝖䛻㛵䛩䜛௨ୗ䛾ෆᐜ䜢ྵ䜐᪂䜺䜲
䝗䝷䜲䞁䜢⟇ᐃ䛧䛯䚹
㻝㻚
ᣢ⥆ྍ⬟ᛶ䛾ほⅬ䜘䜚䚸 㻝㻞䞄᭶௨ෆ䛻‶ᮇ䜢㏄䛘䜛മๆ䜢௒ᚋ㻞ᖺ㛫䛻䜟䛯䜚㻞㻜㻑ᮍ‶䜈䛸๐ῶ䛩䜛䚹
ྠ┠ᶆ䛾㐩ᡂᮇ㝈䛿᭱㏆䚸㻞㻜㻝㻠ᖺ㻢᭶㻟㻜᪥䜈䛸๓ಽ䛧䛥䜜䚸䜎䛯㻞㻜㻝㻠ᖺ㻝㻞᭶㻟㻝᪥䜎䛷䛻㻝㻡㻑ᮍ‶䛸䛩䜛
䜘䛖ᙉ໬䛥䜜䛯䚹
㻞㻚
ຍ㔜ᖹᆒ฼ᅇ䜚䜢㧗䜑䜛䚹
㻟㻚㻌㻌㻌㻌ὶືᛶ䜹䝞䝺䝑䝆ẚ⋡䜢₞㐍ⓗ䛻ᙉ໬䛩䜛䚹
㼃㻭㼀㻯䛿䚸㈨㔠ㄪ㐩䝸䝇䜽䛸฼⋡䛾᭱ᑠ໬䛸䛔䛖ᑐ❧䛩䜛ඃඛ஦㡯㛫䛾䝞䝷䞁䝇䜢ᅗ䜛䛯䜑䚸ᘬ䛝⥆䛝䚸ྠᴗ
௚♫䛸䛾ẚ㍑䜢⾜䛖䛸䛸䜒䛻䚸ᢞ㈨ᐙ䚸䝟䝛䝹㖟⾜䚸 ᱁௜䛡ᶵ㛵䚸㢳ᐈ䛸䛾ᑐヰ䜢⥅⥆䛩䜛䚹
FINANCIAL SOLUTIONS FOR THE BENEFIT OF ALL WESTERN AUSTRALIANS
17
㻞㻜㻝㻟㻛㻝㻠ᖺ㼃㻭㼀㻯೉ධ䝥䝻䜾䝷䝮
㻞㻜㻝㻟㻛㻝㻠ᖺ㼃㻭㼀㻯㻌೉ධ䝥䝻䜾䝷䝮
㻞㻜㻝㻟ᖺ㻝㻜᭶㻟㻝᪥௜䛡ヨ⟬
䠄༢఩䠖10൨㇦䝗䝹䠅
䠄༢఩䠖10൨㇦䝗䝹䠅
㢳ᐈ䜈䛾᪂つ⼥㈨
3.6
‶ᮇ䜢㏄䛘䜛മๆ
9.9
䝧䞁䝏䝬䞊䜽മ䠄஦๓㈨㔠ㄪ㐩䜢ᢚ䛘䛯㖭᯶䠅
2.2
ኚື฼௜മๆ
0.1
▷ᮇ䠄ᅜෆ䛚䜘䜃ᾏእCP䠅
7.6
㈨㔠ㄪ㐩㟂せ⥲㢠
㈨㔠ㄪ㐩※
13.5
⠊ᅖ
䝧䞁䝏䝬䞊䜽മ
5.0㹼7.0
ኚື฼௜മๆ
3.0㹼5.0
▷ᮇ䠄ᅜෆ䛚䜘䜃ᾏእCP䠅
4.0㹼6.0
13.5
FINANCIAL SOLUTIONS FOR THE BENEFIT OF ALL WESTERN AUSTRALIANS
18
࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆࣇ࢛࣮࣒ࣛ 69
WATC ೉ධ䝥䝻䜾䝷䝮
㛗ᮇ೉ධ䠉ᅜෆ䝷䜲䞁䝘䝑䝥
䝧䞁䝏䝬䞊䜽മ䝷䜲䞁䝘䝑䝥 䠉 2013ᖺ10᭶31᪥
ᅛᐃ㔠฼䝬䞊䜿䝑䝖䝯䜲䜻䞁䜾䞉䝟䝛䝹
฼⋡
5.50%
7.00%
3.00%
8.00 %
7.00%
7.00%
6.00%
5.00%
‶ᮇ
23/04/14
15/04/15
8/06/16
15/07/17
15/10/19
15/07/21
16/10/23
23/07/25
Ⓨ⾜㢠
31൨㇦䝗䝹
34൨㇦䝗䝹
29൨㇦䝗䝹
51൨㇦䝗䝹
38൨㇦䝗䝹
30൨㇦䝗䝹
13൨㇦䝗䝹
6൨㇦䝗䝹
‡ ANZ䜲䞁䝧䝇䝖䝯䞁䝖䞉䝞䞁䜽
‡ 䝞䞁䜽䜸䝤䜰䝯䝸䜹䞉䝯䝸䝹䝸䞁䝏
‡ 䝞䞊䜽䝺䜲䝈㖟⾜䜸䞊䝇䝖䝷䝸䜰ᨭᗑ
‡ 䝅䝔䜱䜾䝹䞊䝥䞉䜾䝻䞊䝞䝹䞉䝬䞊䜿䝑䝒䞉䜸䞊
䝇䝖䝷䝸䜰
‡ 䜸䞊䝇䝖䝷䝸䜰䞉䝁䝰䞁䜴䜵䝹䝇㖟⾜
‡ 䝗䜲䝏䜵䞉䜻䝱䝢䝍䝹䝬䞊䜿䝑䝒䞉䜸䞊䝇䝖䝷䝸䜰
‡ J.P.䝰䝹䜺䞁䞉䜸䞊䝇䝖䝷䝸䜰
‡ 䝘䝅䝵䝘䝹䜸䞊䝇䝖䝷䝸䜰㖟⾜
䝧䞁䝏䝬䞊䜽മⓎ⾜㢠ྜィ
233൨㇦䝗䝹
ኚື฼௜മๆ
2013ᖺ10᭶ᮎ䛾WATC䛾ኚື฼௜മๆⓎ⾜㢠ྜィ䛿䚸30൨㇦䝗
䝹䛸䛺䛳䛶䛔䜛䚹
‡ 䝜䝮䝷䞉䜲䞁䝍䞊䝘䝅䝵䝘䝹
‡ 䜹䝘䝎䝻䜲䝲䝹㖟⾜
‡ TD䝉䜻䝳䝸䝔䜱䞊䝈
‡ UBS䜸䞊䝇䝖䝷䝸䜰ᨭᗑ
‡ 䜴䜶䝇䝖䝟䝑䜽㖟⾜
FINANCIAL SOLUTIONS FOR THE BENEFIT OF ALL WESTERN AUSTRALIANS
19
WATC೉ධ䝥䝻䜾䝷䝮
▷ᮇമๆ
ᅜෆ▷ᮇമๆⓎ⾜
▷ ᮇ グ ྡ බ മ 䠄 Short-Term Inscribed Stock 䠖
STIS 䠅䛾Ⓨ⾜䛿䚸୺䛻ᅜෆ㖟⾜䛸䛸䜒䛻䝍䝑䝥䝧䞊
䝇䛷ᐇ᪋䛥䜜䜛䚹
ECP䝥䝻䜾䝷䝮䞉䝕䜱䞊䝷䞊䝟䝛䝹
• 䝞䞁䜽䞉䜸䝤䞉䜰䝯䝸䜹䞉䝉䜻䝳䝸䝔䜱䞊䝈
• 䝞䞊䜽䝺䜲䝈㖟⾜
Ⓨ⾜῭䜏▷ᮇグྡබമ䛿䚸 2013ᖺ10᭶ᮎ᫬Ⅼ䛷
55൨㇦䝗䝹䛸䛺䛳䛶䛔䜛䚹
• 䝅䝔䜱䝞䞁䜽䞉䜲䞁䝍䞊䝘䝅䝵䝘䝹
䝴䞊䝻CP䝥䝻䜾䝷䝮
WATC䛿䚸㇦䝗䝹䚸㤶 䝗䝹䚸NZ䝗䝹䚸⡿䝗䝹䚸᪥
ᮏ෇䚸ⱥ䝫䞁䝗䚸䝇䜲䝇䝣䝷䞁䚸䝴䞊䝻ᘓ䛶䛷മๆ䛜
Ⓨ⾜䛥䜜䜛60൨⡿䝗䝹つᶍ䛾ከ㏻㈌ᘓ䛶䝴䞊䝻
CP䠄ECP䠅䝥䝻䜾䝷䝮 䜢᭷䛧䛶䛔䜛䚹
• 䜽䝺䝕䜱䞉䝇䜲䝇䞉䝉䜻䝳䝸䝔䜱䞊䝈
Ⓨ⾜῭䜏䝴䞊䝻CP㢠䛿䚸2013ᖺ10᭶ᮎ᫬Ⅼ䛷23
൨㇦䝗䝹┦ᙜ䛸䛺䛳䛶䛔䜛䚹
• UBS
• 䜸䞊䝇䝖䝷䝸䜰䞉䝁䝰䞁䜴䜵䝹䝇㖟⾜㤶 
ᨭᗑ
䠄䝶䞊䝻䝑䝟䠅
• 䝗䜲䝒㖟⾜䝻䞁䝗䞁
• 䝘䝅䝵䝘䝹䜸䞊䝇䝖䝷䝸䜰㖟⾜㤶 ᨭᗑ
• 䜴䜶䝇䝖䝟䝑䜽㖟⾜䝅䞁䜺䝫䞊䝹ᨭᗑ
FINANCIAL SOLUTIONS FOR THE BENEFIT OF ALL WESTERN AUSTRALIANS
20
70 2013ᖺ12᭶11᪥ᅾ᪥࣮࢜ࢫࢺࣛࣜ࢔኱౑㤋
WATC೉ධ䝥䝻䜾䝷䝮
䝴䞊䝻MTN / 䛭䛾௚
䝴䞊䝻MTN䝥䝻䜾䝷䝮
WATC䛿䚸1990ᖺ䜘䜚㛤ጞ䛥䜜䛯20൨⡿䝗䝹つᶍ䛾ከ
㏻㈌ᘓ䛶䝴䞊䝻MTN䠄EMTN䠅䝥䝻䜾䝷䝮䜢᭷䛩䜛䚹
䝴䞊䝻MTN䝥䝻䜾䝷䝮䛻䜘䜚ㄆ䜑䜙䜜䜛ൾ㑏ᮇ㝈䛿䚸1
䞄᭶䛛䜙30ᖺ䜎䛷ᖜ䛜䛒䜛䚹
䝴䞊䝻MTN 䝥䝻䜾䝷䝮䞉䝕䜱䞊䝷䞊䞉䝟䝛䝹
䜸䞊䝇䝖䝷䝸䜰䞉䜰䞁䝗䞉䝙䝳䞊䝆䞊䝷䞁䝗䞉䝞䞁䜻䞁䜾䞉
䜾䝹䞊䝥
䝅䝔䜱䜾䝹䞊䝥䞉䜾䝻䞊䝞䝹䞉䝬䞊䜿䝑䝒
䜸䞊䝇䝖䝷䝸䜰䞉䝁䝰䞁䜴䜵䝹䝇㖟⾜
䜽䝺䝕䜱䞉䝇䜲䝇䞉䝉䜻䝳䝸䝔䜱䞊䝈䠄䝶䞊䝻䝑䝟䠅
ྠ䝥䝻䜾䝷䝮䛿䚸WATC䛜䝕䜱䞊䝷䞊䠄ᘬཷドๆ఍♫䠅
௨እ䛾ᶵ㛵䛻ᑐ䛧䛶മๆ䜢Ⓨ⾜䛩䜛䛣䛸䜢ㄆ䜑䜛䛂㏫↷
఍䛃ᶵ⬟䛜⤌䜏㎸䜎䜜䛶䛔䜛䚹
ྠ䝥䝻䜾䝷䝮䛾ୗ䛷Ⓨ⾜῭䜏䛾䝴䞊䝻MTN䛾㢠㠃䛿䚸
2013ᖺ10᭶ᮎ᫬Ⅼ䛷䝊䝻䛸䛺䛳䛶䛔䜛䚹
኱࿴ドๆ䜻䝱䝢䝍䝹䞉䝬䞊䜿䝑䝒䝶䞊䝻䝑䝟
䝗䜲䝒㖟⾜䝻䞁䝗䞁ᨭᗑ
䝯䝸䝹䝸䞁䝏䞉䜲䞁䝍䞊䝘䝅䝵䝘䝹
䜏䛪䜋䜲䞁䝍䞊䝘䝅䝵䝘䝹
䝘䝅䝵䝘䝹䜸䞊䝇䝖䝷䝸䜰㖟⾜
䝜䝮䝷䞉䜲䞁䝍䞊䝘䝅䝵䝘䝹
䜹䝘䝎䝻䜲䝲䝹㖟⾜䝶䞊䝻䝑䝟
䛭䛾௚䠉ಶேྥ䛡മๆ
Ⓨ⾜῭䜏䛾ಶேྥ䛡മๆ䛾㢠㠃䛿䚸2013ᖺ10᭶ᮎ᫬
Ⅼ䛷䚸⣙2൨㇦䝗䝹䛸䛺䛳䛶䛔䜛䚹
SMBC᪥⯆䜻䝱䝢䝍䝹䞉䝬䞊䜿䝑䝖
UBS
䜴䜶䝇䝖䝟䝑䜽㖟⾜
FINANCIAL SOLUTIONS FOR THE BENEFIT OF ALL WESTERN AUSTRALIANS
21
す䜸䞊䝇䝖䝷䝸䜰ᕞ䛻㛵㐃䛩䜛᝟ሗ䜈䛾㔜せ䛺䝸䞁䜽
•
www.watc.wa.gov.au – す䜸䞊䝇䝖䝷䝸䜰ᕞ㈈ົබ♫䠄WATC䠅䜴䜵䝤䝃䜲䝖
•
http://www.treasury.wa.gov.au/cms/index.aspx – す䜸䞊䝇䝖䝷䝸䜰ᕞ㈈ົ┬䜴䜵
䝤䝃䜲䝖
FINANCIAL SOLUTIONS FOR THE BENEFIT OF ALL WESTERN AUSTRALIANS
22
࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆࣇ࢛࣮࣒ࣛ 71
⤖ㄽ
WATCമᶒ䛿௨ୗ䛾ㄽⅬ䛻⿬௜䛡䜙䜜䜛
•
㧗Ỉ‽䛾ಙ⏝᱁௜䛡䠉 S&P䛿AA+䠄Ᏻᐃⓗ䠅䚸䝮䞊䝕䜱䞊䝈䛿Aaa (䝛䜺䝔䜱䝤䠅
䛸ホ౯
•
ຊᙉ䛔⤒῭䠉 ከᵝ䛛䛴㇏䛛䛺㈨※䛸⤒῭ⓗ䛻ᙉ䛔㢳ᐈᇶ┙䛻䜘䜛⿬ᡴ䛱
•
೺඲䛺ᕞᨻᗓ䛾㈈ᨻ㐠Ⴀ䠉㈈ᨻ⾜ືィ⏬䛸ಟṇ䛥䜜䛯㈈ᨻ┠ᶆ
•
WATC䛾✚ᴟⓗ䛺ᕷሙ䝥䝺䝊䞁䝇䠉ᅜෆእ䛾㔠⼥ᕷሙ
•
ඃ䜜䛯ὶືᛶ䠉኱つᶍ䛺Ⓨ⾜㢠䚸Basel III䛻ᇶ䛵䛝䜸䞊䝇䝖䝷䝸䜰೺඲ᛶつไ
ᗇ䠄Australian Prudential Regulation Authority䠖APRA䠅䛻䜘䜚䝺䝧䝹1㈨⏘䛸䛧
䛶ㄆᐃ
FINANCIAL SOLUTIONS FOR THE BENEFIT OF ALL WESTERN AUSTRALIANS
23
す䜸䞊䝇䝖䝷䝸䜰ᕞ㈈ົබ♫䠄WATC䠅
䛒䜚䛜䛸䛖䛤䛦䛔䜎䛧䛯
ච㈐஦㡯㸸 ᮏ㈨ᩱ࡟ᥖ㍕ࡉࢀࡓ࠸࠿࡞ࡿពぢࠊุ᩿ࠊ⤖ㄽࠊぢ㏻ࡋࠊண ࠊヨ⟬ࡶࠊす࣮࢜ࢫࢺࣛࣜ࢔ᕞ㈈ົබ♫
࡟ᥦ౪ࡉࢀࠊᙜ♫ࡀ☜࠿࡛࠶ࡿ࡜ุ᩿ࡋࡓ᝟ሗࡢಙ㢗ᛶ࡟ᇶ࡙ࡁసᡂࡉࢀࡓࡶࡢ࡛ࡍࠋࡋ࠿ࡋ࡞ࡀࡽす࣮࢜ࢫࢺࣛ
ࣜ࢔ᕞ㈈ົබ♫ࡀࠊࡑࢀࡽࡢ᝟ሗࡢṇ☜ᛶࢆಖドࡍࡿࡶࡢ࡛ࡣ࠶ࡾࡲࡏࢇࠋᮏ㈨ᩱࡣၿពࡢࡶ࡜࡟సᡂࡉࢀ࡚࠾ࡾ
ࡲࡍࡀࠊ࠶ࡃࡲ࡛ࡶᢞ㈨ᐙࡢⓙᵝ࡬ࡢཧ⪃᝟ሗࡢᥦ౪ࡢࡳࢆ┠ⓗ࡜ࡋࡓࡶࡢ࡛࠶ࡿ࡜ࡈ⌮ゎࡃࡔࡉ࠸ࠋᮏ㈨ᩱࡢ᝟
ሗࡣࠊᢞ㈨ᐙࡢⓙᵝࡢලయⓗࢽ࣮ࢬࡸಶูࡢ≧ἣ࡟㛵㐃ࡋ࡚ᥦ౪ࡉࢀࡿ≉ᐃࡢ஦㡯࡟㛵ࡍࡿᑓ㛛ⓗ࡞ຓゝࡢ௦᭰ࢆ
ពᅗࡍࡿࡶࡢ࡛ࡣ࠶ࡾࡲࡏࢇࠋ
FINANCIAL SOLUTIONS FOR THE BENEFIT OF ALL WESTERN AUSTRALIANS
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࣮࢜ࢫࢺࣛࣜ࢔ᨻᗓമๆࣇ࢛࣮࣒ࣛ 73