Familiar face for LGFA as Auckland Council's Butcher bags top job
New Zealand's Local Government Funding Agency (LGFA) appointed Mark Butcher as its new chief executive on June 3. Butcher, who is expected to begin his new role as chief executive of the LGFA in early-August this year, is currently treasurer at Auckland Council and has already served on both the establishment board and the board of directors of the LGFA.
WA treasurer acknowledges impact of revenue-source shift while transition continues
The new treasurer of Western Australia (WA), Mike Nahan, says the state is well placed to manage the transition to the resources production phase despite what he sees as an ongoing reliance on mining royalties to supplement WA's small share of the national GST pot. Elsewhere, Western Australian Treasury Corporation (WATC) notes a reduced dependence on short-term markets in its post-budget borrowing forecast, even as growth in its funding programme peaks.
Less restrictive national budget increases NZDMO's funding task
A May 15 New Zealand national budget which analysts describe as marginally less fiscally restrictive than that flagged at the last half-year update has fed through into a slightly increased funding task for the New Zealand Debt Management Office (NZDMO). New Zealand remains on track to return to surplus in the coming financial year, although the government has eased back on flight path for growth in surpluses.
Redemptions drive SSA Kangaroo deal flow
A group of four supranational, sovereign and agency (SSA) Kangaroo deals launched and priced in quick succession in the week of Australia's federal budget on May 13. Joint lead managers on the deals say high redemptions in May and June alongside improved global market sentiment were key drivers for the new transactions.
Infrastructure features in federal budget as measured consolidation carries the day
Infrastructure measures in Australia's federal budget are weighted on the side of incentivising states to recycle assets, though some new funding has been found. Government rhetoric on fiscal consolidation, meanwhile, has not fed through into radical changes to projected federal government debt in the medium term. Budget surplus is not expected in the four-year forecast period and Commonwealth government securities (CGS) on issue are projected to start falling only in 2020-21.