Premier Richard Court says that today’s confirmation of Western Australia’s AAA credit rating by Standard & Poor’s is a vote of confidence in WA’s financial performance.
Mr Court welcomed the Standard & Poor’s announcement which said the State’s outlook was ‘stable’.
“WA lost its Standard and Poor’s AAA credit rating in October 1991 due to the poor financial management of the previous Labor Government,” he said.
“The Coalition worked very hard to have this restored, which was done by Standard and Poor’s in December 1998, and responsible financial management since that time has seen the AAA rating retained.”
Mr Court said while Standard & Poor’s acknowledged the pressure on recurrent expenditure in the key social services delivery areas, such as health, education and law and order, WA’s balance sheet remained in a healthy position - due to good financial results in the mid-1990s.
“The Government’s role is to meet the needs and interests of the community while balancing that with responsible financial management,” he said.
“Standard and Poor’s has indicated its confidence in the State Government’s financial management.
“The agency also indicates confidence in the strength and resilience of the State’s economy, which is expected to continue to perform strongly in the medium term, underpinned by substantial resource projects across a range of commodities servicing markets across the globe.”
Media contact: Justine Whittome, 9222 9475