- International credit rating agency S&P Global affirms Western Australia's AAA credit rating, with an unchanged 'stable' outlook
- AAA is the highest possible credit rating, with WA the only Australian state or territory with such a rating from both S&P Global and Moody's Investors Service
- S&P Global restored the State's AAA credit rating in June2022, after it was lost under the previous Liberal-National Government in 2013
- Cook Labor Government's strong financial management allows it to better support Western Australians through a range of initiatives and investments
S&P Global has today affirmed Western Australia's AAA credit rating, with a 'stable' outlook, while once again highlighting the Cook Government's strong financial management.
Western Australia has had a AAA credit rating from both S&P Global and Moody's Investors Service since 2023, making it the only Australian state or territory - and one of the few jurisdictions globally - with such a rating from both agencies.
In its report released today, S&P Global notes the strength of the State's economy, with the State's 'solid economic performance and a tight labour market' supporting the State's strong financial position.
The report acknowledges the Cook Government's 'very strong financial management', stating 'the incumbent government has a track record of robust cost control and conservative forward estimates.'
S&P Global also highlight a favourable debt outlook for the State, forecasting that Western Australia's 'debt-to-revenue ratio will fall gradually, remaining well below domestic peers, even as the government continues to allocate more spending to infrastructure projects.'
The Cook Labor Government's record infrastructure investment is a major driver of economic growth and diversification and local jobs and will benefit Western Australians for decades to come.
Notably, record amounts have been able to be invested in economic and social infrastructure by the Cook Government while delivering operating surpluses and reducing net debt from a projected $43.7billion when the previous Liberal-National Government left office, to an estimated $28.6billion at 30June2024.
As stated by Treasurer Rita Saffioti:
"We're really proud of our record of strong economic and financial management since coming to government in 2017 and turning the State's finances around from the disarray they were left in by the previous Liberal-National Government.
"Being recognised by S&P Global and Moody's Investors Service for our financial management and being the only state or territory with a AAA credit rating from both of them further reinforces the strength of our State.
"Under WA Labor, we've delivered six consecutive general government operating surpluses, with further surpluses forecast across each year of the Budget to 2027-28.
"This responsible budgeting means we've been able to support Western Australian households with cost-of-living support, invest record amounts in health, housing and homelessness, and build critical infrastructure to help grow the economy, support jobs and set our State up for generations to come.
"Importantly, we've been able to achieve all this while reducing net debt by more than $15 billion compared to the forecast level of debt inherited from the previous Liberal-National Government."
