Minister Barr: Strong economy recognised with upgraded credit rating
- Written by ACT Government
Released 27/09/2018
The ACT economy received another strong endorsement from credit rating agency Standard and Poor’s (S&P), who have upgraded the ACT Government’s credit rating to AAA with a stable outlook. This is the highest possible rating possible for any state and territory government.
The ACT has weathered years of cuts from the Federal Government since the infamous 2014 Abbott Budget. Despite the continued threat of decentralisation, Canberra currently has the lowest unemployment rate in the country and our territory Budget has returned to surplus.
The strength of our economy has led to record job creation, with more jobs outside of the Federal public service in areas including tertiary education, research, IT and our booming hospitality and tourism industries.
Stable Governments create jobs. Over the twelve months to August 2018, 2,100 new jobs have been created in the capital.
Only Victoria and NSW share the ACT’s highest possible credit rating.
This announcement by S&P is a strong testament of the ACT Government’s economic and fiscal management. According to S&P, the ratings “continue to be underpinned by the ACT's strong financial management, high-income economy, and exceptional liquidity.”
“The stable outlook reflects our expectation that the ACT government will continue to deliver on its priorities broadly within budget, while maintaining high liquidity coverage and containing its debt burden at a manageable level.”
The ACT Government will continue to deliver the services and infrastructure our growing city needs, while managing a strong economy to protect local jobs.
- Statement ends -
Section: Andrew Barr, MLA | Media Releases
