Government ownership and oversight, with 100% of borrowings sourced from the Australian government Relatively stable and predictable revenue streams for about half of its revenue base Long-term agreement that codifies risks and service provision with Defence Housing Australia's major customer, the Department of Defence (Defence). A capital program that relies on the success of the ongoing sale and leaseback investment products and surplus property disposals A highly geared balance sheet DHA's liquidity position is adequate. At June 30, 2008, DHA had cash and cash equivalents of A$55.4 million compared with short-term debt of A$65.0 million. While there is some mismatch in its maturity profile, DHA refinancing risk is low given that 100% of its borrowing are through the Australian government.
