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The investment approval issued by the Finance Minister under the PGPA Act requires that our Treasury invests in senior debt of entities that are rated AA- or better as rated by S & P or in authorised deposit taking institutions as regulated by APRA rated BBB- or better (S & P).  Depending on the individual credit, our current maximum investment tenor is 5 years. These investment parameters may be further refined by our Board or the Executive team at their discretion.