Western Australia has retained its AAA credit rating after Standard and Poor's confirmed yesterday that the Barnett government's move to reprioritise some of its capital projects and revise its operating expenditure, meant that the state's financial position remained consistent with a AAA rating.
The full statement is below:
Treasurer Troy Buswell has welcomed the retention of Western Australia's AAA credit rating.
Standard and Poor's has confirmed the rating in light of today's budget stating:
'That the government has reprioritized [sic] some of its capital projects and revised its operating expenditure means that the state's financial position remains consistent with its "AAA" rating. The most likely scenario leading to a downgrade would involve a change in fiscal strategy.'
Mr Buswell said the Liberal-National government's decisions for prudent and responsible management of the state's economy during the current financial crisis had been vindicated by the ratings agency.
"Having an AAA credit rating means that the government can keep the cost of debt low when borrowing to invest in job-creating projects and maintaining investor confidence in this state," he said.
"Tough decisions had to be made to retain this rating and we have managed to do this while focusing on protecting and creating jobs and delivering record investment in health, law and order, education, infrastructure and major projects.
"The Liberal-National government is moving the state forward in a financially responsible way, making tough decisions today to secure our future.
"Standard and Poor's re-endorsement of our AAA credit rating is a vote of confidence in the financially responsible decisions this government has taken."
