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Queensland's Credit Rating Downgraded for First Time Since 2009
S&P said persistent inflation, higher rates and Olympic infrastructure spending will keep Queensland’s budget weak for two to three years.
- On Friday, S&P Global Ratings downgraded Queensland's credit rating from AA+ to AA, the first reduction in 17 years, citing persistent deficits and heavy infrastructure spending ahead of the 2032 Olympics.
- Queensland's June budget forecast deficits in each of the three coming financial years, sending gross debt spiralling from more than $142 billion to almost $216.5 billion by mid-2030.
- Queensland Treasurer David Janetzki blamed the former Labor government's "fiscal vandalism" for the downgrade, asserting it was inevitable while pointing to federal budget changes that exacerbated housing market weakness.
- Federal Treasurer Jim Chalmers rejected the state's blame, calling the downgrade a "damning indictment" on Queensland's economic credibility and stating it is "absolutely wrong" to fault the Commonwealth.
- Independent economist Saul Eslake suggested the government must break spending promises or raise taxes to address the crisis, noting that achieving projected surpluses may require the state to "freeze the size of the public service.
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Sydney Morning Herald+3 Reposted by 3 other sources
Queensland credit rating drops
Queensland’s credit rating has dropped for the first time since 2009.
·North Sydney, Australia
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Coverage Details
Total News Sources11
Leaning Left6Leaning Right1Center1Last UpdatedBias Distribution75% Left
Bias Distribution
- 75% of the sources lean Left
75% Left
L 75%
13%
12%
Factuality
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