Victoria Treasurer Kim Wells
Standard & Poor’s Confirms Victoria’s Triple-A Credit Rating
Victor P Taffa
Standard & Poor’s have highlighted the strong and responsible financial management of the Victorian Coalition government in today’s AAA credit rating confirmation.
Treasurer Kim Wells said the confirmation of Victoria’s AAA credit rating by Standard & Poor’s is a strong vote of confidence in the Coalition Government’s economic management and the Victorian economy.
“The Coalition Government’s responsible economic policies to improve Victoria’s long term financial position including the Independent Review of State Finances have been highlighted by Standard & Poor’s in their update today.” Mr. Wells said.
“Standard & Poor’s analysis has also recognised the economic strength of Victoria’s resilient and diversified economy relative to other Australian states.”
Standard & Poor’s outlook for the Victorian economy states: ‘The stable outlook reflects our opinion of the government’s commitment to fiscal prudence. This includes a fiscal strategy that seeks to maintain an adequate operating performance and a strong balance sheet.’
Mr Wells said the Coalition Government is repairing the damage to Victoria’s finances after more than a decade of waste and mismanagement under the previous government.
“The Brumby Labor Government left Victoria in a structural deficit after government expenditure outpaced revenue over the past decade and if Victoria continued down Labor’s economically irresponsible path then we would have been forced to borrow just to pay ongoing expenses by 2015-16.” Mr. Wells said.
“The Coalition Government is implementing a responsible plan to return Victoria’s finances to a sustainable setting and grow Victoria’s economy through investments in infrastructure.”