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Category: Economic Trends / State Parliament / Budget

Queensland on track to regain top credit rating: Treasurer Pitt

Wednesday, 19 Oct 2016 15:15:15 | Chris O'Brien

Treasurer Curtis Pitt said S&P had offered a "fantastic commentary". (ABC News: Chris O'Brien)

Queensland could regain its AAA credit rating within two years, Treasurer Curtis Pitt says, after ratings agency Standard and Poors (S&P) maintained the state's AA+ rating.

Ratings agency Moody's also reaffirmed the AA+ rating last week.

S&P said it reflected "the extremely predictable and supportive institutional framework" that was benefiting state and federal governments, as well as Queensland's "very strong economy, exceptional liquidity, strong financial management and budgetary performance, and low contingent liabilities".

"The stable outlook reflects our expectation that the state's financial management will remain strong and achieve its policies to reduce debt and achieve after-capital account deficits of less than 5 per cent of total revenues," S&P said.

But the agency said Queensland's average budgetary flexibility and high debt burden partially offset those strengths.

Mr Pitt described it as "fantastic commentary".

"This is an independent arbiter telling the Queensland Government that our budgetary performance is strong, that we're actually delivering on our debt action plan, and it's working," he said.

"On top of that, they're saying that within the next two years we may be able to see an upgrade in our credit rating."

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