State credit rating improvement after Government’s fiscal resolve

An announcement made today was welcomed by Treasurer, Ben Wyatt, as the McGowan Government achieves strong fiscal resolve towards their budget repair goal.

“The improved outlook for the State’s credit rating is a strong endorsement of the McGowan Labor Government’s responsible approach to economic and financial management, which is delivering benefits for all Western Australians,” Mr Wyatt.

Moody’s has lifted WA’s Aa2 credit rating from stable to positive, and has acknowledged that the McGowan has demonstrated strong fiscal resolve with lower expenditure growth and a commitment to limited spending within targeted ranges.

Improvement in the State’s finances was highlighted in the 2018-19 mid year review, with the government sector now expected to return to an operating surplus in 2019-20, which is one year earlier than previously forecast, and is the first operating surplus for the State in six years.

“The upgrade in credit outlook on the back of the McGowan Government’s strong financial management is in stark contrast to the previous Liberal National Government, which was downgraded by rating agencies due to their ‘weak policy response’ and ‘limited political will’ to address the deteriorating fiscal position,” said Mr Wyatt.
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