The Australian government's budget papers do not include an estimate for the fees likely to be generated from banks making use of the guarantee on wholesale and retail liabilities.They do note, though, that issuance using the wholesale guarantee was $104 billion as of early May 2009, and based on that the revenue raised so far would be in the order of $900 million.The budget papers also spell out in more detail the terms for the guarantee over borrowings undertaken by states and territories. The guarantee will be available for both new and existing securities. Treasury said the fee will be set at 30 basis points for new debt sold by AAA rated states and 35 basis points for debt sold by AA+ rated states. A lower fee will apply to any existing stock a state elects to have covered by the guarantee. The fee for stock will be set at 15 basis points for AAA rated states and 20 basis points for AA+ rated states.