S&P Global has affirmed NSW\u2019s AA+ credit rating with a stable outlook, in the latest acknowledgement of the Minns Government\u2019s 2023-24 Budget approach to fiscal repair.<\/p>\n\n\n\n
The S&P decision follows both Fitch and Moody\u2019s affirmation of their triple-A credit ratings last month.<\/p>\n\n\n\n
S&P downgraded NSW from a triple-A rating to a AA+ under the previous government in December 2020. <\/p>\n\n\n\n
The state\u2019s fiscal position weakened in recent years, fuelled further by the former government\u2019s $27 billion spend in the 9 months leading up to the last election and their legacy of a $7 billion black hole of unfunded programs.<\/p>\n\n\n\n
Through the September budget, the Minns Government began the work of budget repair, including through the Comprehensive Expenditure Review (CER) which identified $13 billion in budget improvements. <\/p>\n\n\n\n
These funds are being reinvested into essential services to help keep the state\u2019s overall expenses at a manageable level.<\/p>\n\n\n\n
S&P noted the financial difficulties the Minns Government inherited, including work to reduce the impact of the Debt Retirement Fund and the Transport Assets Holding Entity on the balance sheets.<\/p>\n\n\n\n
The NSW Government maintains that the path back to a modest surplus remains challenging.<\/p>\n\n\n\n
Treasurer Daniel Mookhey said: <\/strong><\/p>\n\n\n\n \u201cThe Minns Labor Government is still in the early stages of setting NSW\u2019s finances on a sustainable footing.<\/p>\n\n\n\n \u201cThe NSW economy is gaining momentum, but as noted by S&P, there are still significant headwinds to navigate.<\/p>\n\n\n\n \u201cI will be providing the next budget update in our half-yearly review on 14 December.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" S&P Global has affirmed NSW\u2019s AA+ credit rating with a stable outlook, in the latest acknowledgement of the Minns Government\u2019s 2023-24 Budget approach to fiscal repair. The S&P decision follows both Fitch and Moody\u2019s affirmation of their triple-A credit ratings last month. S&P downgraded NSW from a triple-A rating to a AA+ under the previous … Continue reading “S&P affirms NSW credit rating”<\/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-24144","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\/24144","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=24144"}],"version-history":[{"count":1,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/24144\/revisions"}],"predecessor-version":[{"id":24145,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/24144\/revisions\/24145"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=24144"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=24144"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=24144"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}