25/01/08
Western Australia’s sound economic base and responsible fiscal management have again been lauded by credit ratings giant Moody’s which has reaffirmed the State’s Triple A credit rating.
In its latest analysis, Moody’s again highlights the State’s ‘stellar financial performance’ and ‘prudent fiscal management’.
The agency also compliments the State Government’s careful approach to expenditure and its transparent approach to reporting on the economy.
‘Surpluses consistently exceed budget projections, reflecting strong revenue growth as well as prudent financial management, which includes conservative budgetary practices and improved expenditure controls,’ it notes.
Moody’s also pays tribute to the State Government’s strong governance and management provisions, as well as its economic transparency and its ability to plan for the future.
‘Informative and comprehensive annual financial statements, as well as periodic interim statements, offer a high degree of transparency,’ it states.
‘Officials are cognisant that expenditure controls will be of key importance once the robust economic growth eases and have made important attempts to rationalise costs.’
Treasurer Eric Ripper said the glowing endorsement from one of the world’s major credit agencies was great news for all Western Australians.
“This shows that the economy is very healthy and the Government is managing the significant pressures on expenditure which a strong economy brings,” Mr Ripper said.
“It also shows that our Budget papers and processes continue to be the most transparent and accountable in the nation.
“I am delighted that WA’s economy is being seen in such flattering terms internationally and that a major independent authority such as Moody’s has endorsed the Government’s handling of it.
“It means our plan to reinvest every single cent of our Budget surpluses into building key infrastructure and retiring State debt is building a solid platform for our future.”
Moody’s noted that the State’s financial performance had been underpinned by burgeoning economic growth.
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