Moody's reaffirms WA's triple-A credit rating

International ratings agency Moody's has reaffirmed Western Australia's triple-A credit rating.

Treasurer Eric Ripper today said the rating was an endorsement of the State Government's financial management strategies.

"Strong financial management gives us the capacity to deliver services in key priority areas such as health, education, and law and order," Mr Ripper said.

Mr Ripper welcomed Moody's support for the Government's decision to use recent surpluses to pay off around $1billion in long-term debt, saving taxpayers around $70million per year in interest payments.

Moody's cautions that budgetary outcomes could be challenged by slower revenue growth over the medium term, but notes that the Government's prudent practices and ample flexibility will ensure that financial operations remain favourable.

THE FULL MEDIA RELEASE APPEARS BELOW.

Moody's backs State's financial management strategies.

International ratings agency Moody's has reaffirmed Western Australia's triple-A credit rating.

Treasurer Eric Ripper today said the rating was an endorsement of the State Government's financial management strategies.

"Strong financial management gives us the capacity to deliver services in key priority areas such as health, education, and law and order," Mr Ripper said.

"It also provides the Government with the financial flexibility to invest in the infrastructure needed to sustain long-term economic growth - and that means jobs for Western Australians."

Mr Ripper welcomed Moody's support for the Government's decision to use recent surpluses to pay off around $1billion in long-term debt, saving taxpayers around $70million per year in interest payments.

"Moody's makes the assessment that the State's finances are in extremely good shape due to the strength of the WA economy and the Government's commitment to sound financial management," the Treasurer said.

"The triple-A credit rating is the Government's foundation for maintaining economic discipline, which we will continue to strive to preserve."

Moody's cautions that budgetary outcomes could be challenged by slower revenue growth over the medium term, but notes that the Government's prudent practices and ample flexibility will ensure that financial operations remain favourable.

The Moody's report follows a similar assessment by ratings agency Standard and Poor's in October last year.

Media contact: Tom Laurie on 9222 8788 or 0438 952 475
You can subscribe to have media releases emailed automatically from the Government's website: http://www.mediastatements.wa.gov.au