NSW CREDIT RATING DOWNGRADE DEVASTATING: SECORD
NSW Shadow Treasurer Walt Secord today said international credit ratings agency S&P Global’s decision to downgrade NSW was “devastating and sent strong signals about the ill-health of the NSW economy”.
Today (December 7), S&P Global downgraded NSW from AAA/Negative to AA+/Stable.
“Today, one of the most respected international credit ratings agency gave the thumbs down to the Berejiklian Government’s handling of the NSW economy,” Mr Secord said.
“Clearly, the international finance community believes that NSW is still in trouble.
“This must serve as a wake-up call to the Berejiklian Government and they were overly optimistic about a potential recovery.
“NSW Treasurer Dominic Perrottet and Finance Minister Damien Tudehope were warned about showing hubris and crowing that NSW was through the COVID-economic recession; clearly, we are not.
“The NSW unemployment is still 6.5 per cent and at least 281,700 people are unemployed in NSW.
“In addition, net debt – already forecast at record levels before COVID – will soar to $104 billion.
“NSW used to be the engine room of the Australian economy and now we lag behind the other States.”