ACT economy given highest possible performance rating

Released 29/08/2019

International ratings agency Standard & Poor’s has today confirmed the ACT’s AAA credit rating for another year, acknowledging the ACT Government’s exceptional management of the local economy as we build for Canberra’s future.

The ACT’s rating is the highest awarded by Standard & Poor’s, and recognises the Territory’s very strong fiscal position following the release of the 2019-20 ACT Budget. The ACT is one of only three states or territories in Australia – and among only a handful of jurisdictions around the world – to hold a AAA rating.

Through the 2019-20 Budget, the ACT Government is investing to build the hospitals, schools and transport infrastructure Canberra will need in the 2020s and beyond.

We are getting on with these important investments now to ensure we can deliver the services Canberrans expect as our city grows. This will allow the ACT Government to hire more nurses and more teachers, keep our assets in public hands and plan for our future in a fiscally responsible way.

Standard & Poor’s has acknowledged this responsible strategy, with the ratings review noting: “The Australian Capital Territory is budgeting for a relatively large infrastructure program over the next few years, but we expect its fiscal metrics to remain strong and its growth in debt to be manageable.

“Our ratings on the ACT are underpinned by its robust financial management, high-income economy, and exceptional level of liquidity.”

In the coming weeks, the ACT Government will release a comprehensive Infrastructure Plan, outlining the investments required to cater for a growing population in both our town centres and our suburbs.

- Statement ends -

Section: Andrew Barr, MLA | Media Releases

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