Ratings agency Moody’s is concerned that the state’s big debts and deficits leave the government with few fiscal resources to react to fresh health or economic shocks.
this week it was concerned that the state’s big debts and deficits leave the government with few fiscal resources to react to other health or economic shocks.
The treasurer says state government spending underpins Victoria’s “remarkable” economic recovery” from the shock of the pandemic. The other major credit rating agency, S&P Global, which also downgraded Victoria’s credit score in December 2020 by an unusual two notches, maintained its “stable” outlook for the state last month, noting the big capital spend was improving the state’s economic outlook but weighing heavily on its balance sheet.
“The Victorian government has said the role of the budget during the pandemic has been to support the economy, and they would say it has done that with great success, pointing to strong employment growth and record low unemployment as evidence.
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