svn2git is not creating local branches - only remote branches?

[jeremyakers]

I have an old SVN repo I'd like to migrate to Git. It follows the standard layout of:

[branches/]
[import/]
[tags/]
[trunk/]

Here are the branches in my SVN repo:

svn - Revision 1274: /branches

[..]
[LIB/]
[MM3/]
[MM_3-2_Start/]
[MM_3_Final/]
[PUB_HTML/]
[lisamm_public_html/]

After running svn2git, I see this:

Running command: git branch -l --no-color
* master
Running command: git branch -r --no-color
  svn/LIB
  svn/MM3
  svn/MM_3-2_Start
  svn/MM_3_Final
  svn/PUB_HTML
  svn/lisamm_public_html
  svn/lisamm_public_html@1174
  svn/lisamm_public_html@671
  svn/tags/LIB_MAIN
  svn/tags/MM_3-0_Final
  svn/tags/PUBLIC_HTML
  svn/tags/start
  svn/trunk

Followed by:

********************************************************************
svn2git warning: Tracking remote SVN branches is deprecated.
In a future release local branches will be created without tracking.
If you must resync your branches, run: svn2git --rebase
********************************************************************

I thought the whole point of svn2git was to pull the branches down as local branches rather than remote. So why are my branches only showing up under git branch -r and not git branch -l?