Queensland Treasury Corporation (QTC) revealed a projected borrowing programme of A$18.7 billion (US$19.6 billion) for the 2012/13 financial year on September 12, the day after the new Queensland government's first state budget. The agency ascribes the resulting A$3.2 billion reduction in borrowing expectation to the state government's "commitment to reduce expenditure and to achieve a fiscal balance in 2014/15".