ACT keeps Standard and Poor’s Triple A rating

johnboy 27 September 2012

Andrew Barr (I think, hard to say with Labor releases at the moment) is celebrating the ratings agency Standard and Poors keeping the ACT credit rating at AAA:

Retaining the AAA rating is an endorsement of Labor’s fiscal strategy to return the ACT Budget to surplus in a measured and responsible way.

This rating, and our economic future, are under threat from the Canberra Liberals with their reckless spending promises and commitment to reverse Labor’s tax reforms.

The AAA rating is also an endorsement of Labor’s stimulatory spending in 2012-13 to help insulate the ACT from the Commonwealth’s fiscal consolidation.

The ACT’s rating is in contrast with other jurisdictions such as Queensland and South Australia (and the USA), who have been downgraded to AA+.

Standard and Poor’s have also praised the Government’s financial, debt and cash management, and said that the ACT benefits from one of the strongest institutional support systems in the world.

For those with much faith in ratings agencies I recommend The Big Short by Michael Lewis. In the absence of any better system they do help to keep score.

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