EXHIBIT (e)

CO-REGISTRANT’S OUTSTANDING DEBT TO THE COMMONWEALTH OF AUSTRALIA AS OF JUNE 30, 2009 AND ITS CONTINGENT LIABILITY AS CO-REGISTRANT OF THE OUTSTANDING DEBT OF OTHER ENTITIES AS OF THE END OF THE LAST FIVE FISCAL YEARS

Public Debt

The public sector indebtedness of the Co-registrant is comprised of a number of distinct categories: public debt to the Commonwealth of Australia, other state debt to the Commonwealth of Australia, New South Wales Treasury Corporation guaranteed debt and contingent liabilities.

During April 1995, the Australian Government and the Co-registrant entered into an agreement (the “Financial Agreement”) whereby the Co-registrant would pre-redeem its debt to the Commonwealth of Australia. This was carried out in July 1995 and the Co-registrant currently has no debt to the Commonwealth of Australia outstanding.

Other State Debt to the Commonwealth of Australia

During the 1950s and 1960s a series of loans were made by the Commonwealth to the States under various agreements (contained in the Housing Agreement Acts 1956, 1961, 1966, 1973 and Housing Assistance Acts 1973, 1978, 1984 — all Commonwealth legislation). These involved a series of concessional interest rate loans with annual repayments by the states. These loans were provided 1956-57 until 1993-94. Subsequently, housing assistance from the Commonwealth to the States has taken the form of grants.

The following table outlines the outstanding advances made by the Commonwealth of Australia under this category of debt.

	As at June 30,
	2003		2004		2005		2006		2007		2008		2009
	(A$ million)
Commonwealth and State Housing		1,672		1,776		1,629		908		882		855		828

Guaranteed Debt On-lent by the Registrant

The Registrant’s primary function has been to act as a central financing authority for on-lending funds raised by it to various New South Wales statutory bodies. Under the provisions of the Public Authorities (Financial Arrangements) Act 1987 of New South Wales, financial arrangements entered into by a statutory body may be guaranteed by the Co-registrant.

The Registrant’s guaranteed debt, which is guaranteed by the C-o registrant, as at the end of each of the last seven fiscal years, and the distribution of this debt among various borrowing authorities is detailed in the following table:

Guaranteed Debt On-lent by the Registrant

	As at June 30,
	2003		2004		2005		2006		2007		2008		2009
	(A$ million)
Bodies within the Public Accounts
Crown (NSW Treasury)		8,749		8,866		10,186		10,196		10,485		10,642		13,055
Department of Commerce		103		320		0		450		533		519		496
Department of Housing		10		10		109		149		123		155		164
Department of Planning/Minister for Planning		n/a		n/a		101		97		132		197		291
Growth Centres Commission		n/a		n/a		n/a		n/a		5		10		11
Hunter Development Corporation		n/a		n/a		n/a		1		n/a		1		2
NSW Businesslink Pty Ltd.		n/a		n/a		5		5		14		14		13
Office of Community Housing		34		32		33		31		29		28		30
Redfern Waterloo Authority		n/a		n/a		n/a		4		28		41		45
Roads and Traffic Authority		1,068		939		871		844		825		734		726
Other		4		7		26		9		13		11		5

	As at June 30,
	2003		2004		2005		2006		2007		2008		2009
	(A$ million)
State Owned Corporations
Country Energy		1,525		1,545		1,789		2,001		2,192		2,561		3,002
Delta Electricity		837		661		601		551		588		694		1,155
EnergyAustralia		2,405		2,442		2,760		2,848		3,518		3,941		5,084
Eraring Energy		93		162		168		212		290		368		519
Hunter Water Corporation		142		131		175		239		325		400		527
Integral Energy		1,140		1,112		1,229		1,400		1,516		1,865		2,305
Landcom		154		121		209		175		203		172		118
Macquarie Generation		1,223		1,076		989		896		875		806		834
Newcastle Port Corporation		33		32		32		31		31		30		32
Port Kembla Port Corporation		53		51		52		50		49		58		62
State Water Corporation		29		27		85		62		38		38		55
Sydney Ports Corporation		186		178		183		176		170		168		349
Sydney Water Corporation		2,299		2,464		2,666		2,840		3,194		4,091		5,672
TransGrid		1,490		1,571		1,590		1,484		1,449		1,513		2,031
Transport Infrastructure Development Corporation		n/a		346		574		911		223		319		24
WSN Environmental Solutions		47		46		46		46		n/a		35		66
Other Statutory Authorities
Forests NSW		144		124		144		140		158		166		171
Hawkesbury District Health Services		31		27		26		24		21		18		17
Public Transport Ticketing Corporation		n/a		n/a		n/a		n/a		49		71		83
Rail Corporation New South Wales		381		228		228		190		16		n/a		n/a
Rail Infrastructure Corporation		n/a		n/a		n/a		n/a		n/a		n/a		53
State Transit Authority of New South Wales		150		126		90		77		75		76		181
Sydney Catchment Authority		189		193		196		319		375		414		475
Sydney Cricket & Sports Ground Trust		28		27		27		27		16		23		49
Sydney Ferries Corporation		n/a		n/a		44		48		53		66		89
Sydney Harbor Foreshore Authority		22		10		11		10		10		10		10
Transport Administration Corporation		4		13		27		37		n/a		n/a		n/a
University of New England		8		4		2		0		n/a		n/a		n/a
University of Technology, Sydney		44		41		43		41		39		38		41
Zoological Parks Board of NSW		13		17		31		30		38		39		42
Other		12		5		3		n/a		n/a		n/a		8
NSW Local Government		11		14		9		5		6		0		0
Total Fund Onlent		22,658		22,966		25,360		26,655		27,703		30,333		37,889
Undistributed borrowings		3,312		2,848		4,002		1,046		2,572		1,476		5,466
Total Guaranteed Debt		25,970		25,814		29,362		27,701		30,275		31,809		43,355

The Registrant raises funds in both the domestic and international capital markets, with the market value of borrowings under management as at June 30, 2009 of A$43.5 billion, which includes A$10.7 billion of offshore debt based on the prevailing rates of exchange at June 30, 2009. The Registrant hedges its foreign debt portfolio through interest rate and currency swaps and other hedging and currency switching transactions.

Detailed information about the indebtedness of the Registrant, all of which is guaranteed by the Co-registrant, is included in Exhibit (d) of this report.