{"id":29211,"date":"2024-09-22T13:05:34","date_gmt":"2024-09-22T13:05:34","guid":{"rendered":"http:\/\/www.16news.com.au\/?p=29211"},"modified":"2024-09-22T13:05:34","modified_gmt":"2024-09-22T13:05:34","slug":"moodys-maintains-triple-a-credit-rating","status":"publish","type":"post","link":"http:\/\/www.16news.com.au\/index.php\/2024\/09\/22\/moodys-maintains-triple-a-credit-rating\/","title":{"rendered":"Moody\u2019s maintains Triple-A credit rating"},"content":{"rendered":"\n<p>Global ratings agency Moody\u2019s has maintained NSW\u2019s Triple-A credit rating with a stable outlook, despite the state\u2019s $11.9 billion GST hit from the Commonwealth Grants Commission.<\/p>\n\n\n\n<p>The determination follows the NSW Government\u2019s ongoing work to stabilise the state\u2019s debt.<\/p>\n\n\n\n<p>Treasurer Daniel Mookhey announced in the 2024-25 Budget that gross debt is projected to be $9.3 billion lower under this government by June 2026.<\/p>\n\n\n\n<p>In its credit opinion, Moody\u2019s cites the state\u2019s strong governance and management as a factor in its determination.<\/p>\n\n\n\n<p>The stable outlook reflects Moody\u2019s expectation that the large and diverse NSW economy will remain resilient \u201cdespite slower growth and higher interest rates, continuing to underpin its capacity to service the state\u2019s growing debt burden.\u201d<\/p>\n\n\n\n<p>Further rationale includes:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>A mature and strong institutional framework within the Commonwealth, including partnership programs.<\/li><li>A proven history of fiscal resolve and strong liquidity.<\/li><\/ul>\n\n\n\n<p>Moody\u2019s is clear that considerable challenges remain to the state holding its Triple-A credit rating.&nbsp;<\/p>\n\n\n\n<p>It states that new recurrent spending and inflation pressures will continue to hinder a return to a net operating surplus.<\/p>\n\n\n\n<p>In addition, Moody\u2019s notes that infrastructure spending will see fiscal deficits persist.<\/p>\n\n\n\n<p>The NSW Coalition delivered the biggest deficits in the state\u2019s history and handed over a record debt that was on track to reach $188 billion.<\/p>\n\n\n\n<p>The Minns Labor Government continues the work of bringing the state\u2019s debt under control.<\/p>\n\n\n\n<p><strong>Treasurer Daniel Mookhey said:<\/strong><\/p>\n\n\n\n<p>\u201cThis determination is an acknowledgment of the difficult work that has been done to wrangle the state\u2019s debt back under control.<\/p>\n\n\n\n<p>\u201cWe accept that stress remains on the Triple-A rating and Moody\u2019s provides a sobering reminder of the work still ahead.\u201d<\/p>\n\n\n\n<p><strong>Minister for Finance Courtney Houssos said:<\/strong><\/p>\n\n\n\n<p>\u201cThe Minns Labor Government will continue to rebuild the state\u2019s finances while delivering targeted cost-of-living relief to families and households across NSW.<\/p>\n\n\n\n<p>\u201cWe will maintain our fiscally disciplined approach as we build a better NSW, working hard to repair the public services our communities rely on.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Global ratings agency Moody\u2019s has maintained NSW\u2019s Triple-A credit rating with a stable outlook, despite the state\u2019s $11.9 billion GST hit from the Commonwealth Grants Commission. The determination follows the NSW Government\u2019s ongoing work to stabilise the state\u2019s debt. Treasurer Daniel Mookhey announced in the 2024-25 Budget that gross debt is projected to be $9.3 &hellip; <a href=\"http:\/\/www.16news.com.au\/index.php\/2024\/09\/22\/moodys-maintains-triple-a-credit-rating\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Moody\u2019s maintains Triple-A credit rating&#8221;<\/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-29211","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\/29211","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=29211"}],"version-history":[{"count":1,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/29211\/revisions"}],"predecessor-version":[{"id":29212,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/29211\/revisions\/29212"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=29211"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=29211"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=29211"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}