In a significant boost for Western Australia, Moody’s Investors Service has reaffirmed the State’s prestigious Aaa credit rating, the highest possible rating the agency awards. This affirmation highlights Western Australia’s robust financial management and economic strength under the Cook Labor Government.
This announcement follows S&P Global’s reaffirmation of Western Australia’s AAA rating in August, confirming that Western Australia is the only state in Australia to hold triple-A credit ratings from both major credit rating agencies. This distinction underscores the State’s exceptional fiscal health and governance.
The Aaa rating was restored by Moody’s in July 2023, following its removal under the previous Liberal-National Government in 2014. This reflects a turnaround in Western Australia’s financial position, driven by the Cook Labor Government’s disciplined fiscal management.
Moody’s report lauds the Government’s financial stewardship, noting, “The State’s strong financial position has been driven by its excellent governance, including strong expenditure controls and conservative budgeting protocols.” The report also highlights that sustained fiscal discipline and effective debt management have enabled the State to reduce debt and invest in crucial areas such as climate action, social housing, and cost-of-living relief.
Treasurer Rita Saffioti emphasised the importance of this rating, stating, “Our Government knows that a strong economy underpins everything else we do – it means more jobs, better quality of living and greater investment in things that matter like cost-of-living support and better infrastructure.”
Saffioti further remarked, “The reaffirmed Aaa rating from Moody’s means Western Australia remains the only state in the country with a triple-A rating from the two major credit rating agencies. Our Government will continue to focus its effort on growing the economy, creating jobs, and investing in the things that matter to Western Australians.”
The Cook Labor Government’s financial strategy has yielded impressive results: six consecutive general government operating surpluses since 2018-19, a reduction in net debt from $43.7 billion to an estimated $28.6 billion by 30 June 2024, and record investments in health, education, housing, and infrastructure.
As Moody’s highlights, Western Australia’s credit profile has significantly strengthened over the past six years, evidenced by high debt affordability and a notable easing of the State’s debt burden. This strong financial position not only enhances the State’s economic stability but also ensures continued investment in critical services and infrastructure.
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