Queensland credit rating downgrade now ‘highly likely’: Treasurer

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It is “highly likely” that Queensland’s credit rating will be downgraded as a result of the state’s finances, Treasurer David Janetzki revealed on Thursday during what he repeatedly referred to as “Labor’s last budget update”.

Briefing journalists during the Mid-Year Fiscal and Economic Review, Janetzki said Queensland should be prepared to lose its AA+ rating, which would increase borrowing costs.

“A key part of our plan is listening to our credit rating agencies and talking with them – and talking with them seriously,” he said.

Queensland Treasurer David Janetzki delivers Thursday’s Mid-Year Fiscal and Economic Review.Credit: Markus Ravik

“So before any of this information went public, I spoke yesterday afternoon with ratings agencies.

“I spoke with both Standard and Poor’s and Moody’s because I wanted to send a clear message [about] how seriously we are taking this challenge that lies before us.

“I talked to them about our plan, and our plan to not progress with Pioneer Burdekin [pumped hydro], our plan to pause BPIC [Best Practice Industry Conditions] and crystallise those savings, which Treasury has modelled at $17 billion over five years, and they favourably received that plan.”

Before last year’s state election, then-premier Steven Miles said Queensland was “within range” to keep its AA+ credit rating stable.

Janetzki said the Miles government had not taken the importance of maintaining Queensland’s credit rating seriously.

“[Former Labor treasurer] Cameron Dick would mock any discussion about our credit rating, and he would mock questions about it, and I was always appalled by it,” he said.

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