International Credit Ratings Agency issues dire warning on Labor's financial mismanagement
In an unprecedented move, global credit ratings agency Standard & Poor's has issued a stark warning about the Allan Labor Government's financial mismanagement, cautioning that further credit rating downgrades could be imminent.
In its latest report, Australia State Ratings At Risk As Fiscal Discipline Wanes, the agency has called out the State Government's failure to control spending, rising operating costs, and budget blowouts, warning that "ratings revisions loom" unless urgent action is taken.
The report directly links Labor's reckless spending to the destabilisation of Victoria's gross debt levels, stating:
"Higher operating and capital expenditure are also delaying its forecasted fiscal consolidation."
Shadow Treasurer James Newbury said the alarm raised by an international ratings agency confirms what Victorians already know-Labor's financial recklessness is driving the state deeper into crisis.
"The International Ratings Agency has rung the alarm bell and confirmed what we all know-the State Labor Government is dangerously financially reckless," Mr Newbury said.
"Every Victorian should be alarmed that an international agency has had to send such a clear signal to the Government to stop overspending and get debt under control."
"With the cost of Labor's debt already costing every Victorian one million dollars an hour, a further rating downgrade will only blow out that burden."
The Liberal and Nationals have consistently warned that Labor's addiction to spending and inability to manage money is putting Victoria's future at risk. The only way to fix our economy, is to change the State Government.
