NSW Treasurer Daniel Mookhey is bracing for the possibility of the state losing its prized AAA credit rating.
NSW is on the verge of losing its long-held AAA credit rating as Treasurer Daniel Mookhey warns the state is probably in breach of every metric used by global credit agencies to determine the prized rankings.
“The two remaining AAA credit ratings we have are under immense pressure,” Mookhey said on Monday, ahead of delivering an economic statement to parliament on Tuesday. Mookhey said his economic statement would paint a grim picture of the state’s overall finances and has repeatedly drawn attention to NSW’s projected debt levels in coming years.
“There is a shortage of police officers, paramedics, nurses and teachers, and we can’t expect our essential workers to pay the cost of budget repair by themselves when there is a cost of living crisis,” Mookhey said. NSW holds a AAA rating by agencies Moody’s and Fitch. The third major agency, S&P, reaffirmed a AA+ rating in October 2022 after earlier flagging concerns about the state’s “rising debt burden”.
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