The State\u2019s strong economy and excellent financial management have been highlighted in a report from international credit ratings agency S&P Global.
\u00a0
S&P\u2019s first biannual update of NSW underscores the strength of the State\u2019s recovery and economic fundamentals, including a record low unemployment rate despite the COVID-19 Omicron outbreak.
\u00a0
Treasurer Matt Kean said the report shows the NSW Government is successfully steering the State through COVID-19 and is helping the economy bounce back from the biggest downturn since the Great Depression.
\u00a0
\u201cNSW is the only state in Australia with a triple-A rating and currently holds a double-A plus credit rating with S&P Global,\u201d Mr\u00a0 Kean said.
\u00a0
\u201cS&P Global\u2019s report highlights our State\u2019s diversified economy, excellent financial management, exceptional liquidity and our record low unemployment rate.\u201d
\u00a0
S&P Global downgraded NSW\u2019s credit rating from triple-A to double-A plus in December 2020 due to the impact of the pandemic, with the Government supporting businesses and households with significant COVID-19 relief programs and health spending.
\u00a0
In February this year, NSW posted both its lowest unemployment rate since monthly records began 44 years ago, and the lowest unemployment rate among the states, falling to 3.7 per cent.
\u00a0
S&P Global\u2019s report states the NSW economy is \u201cmaintaining momentum despite omicron bumps\u201d and that \u201cexcellent financial management continues to support the ratings on NSW\u201d.
\u00a0
\u201cWe expect a reasonably quick return to cash operating surpluses, supporting our stable outlook on the State.\u201d
\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
The State\u2019s strong economy and excellent financial management have been highlighted in a report from international credit ratings agency S&P Global.\u00a0S&P\u2019s first biannual update of NSW underscores the strength of the State\u2019s recovery and economic fundamentals, including a record low unemployment rate despite the COVID-19 Omicron outbreak.\u00a0Treasurer Matt Kean said the report shows the NSW … Continue reading “S&P global highlights strong NSW economy”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-16001","post","type-post","status-publish","format-standard","hentry","category-nswnews"],"_links":{"self":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/16001","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=16001"}],"version-history":[{"count":1,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/16001\/revisions"}],"predecessor-version":[{"id":16002,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/16001\/revisions\/16002"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=16001"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=16001"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=16001"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}