NSW Treasurer Daniel Mookhey’s debt turnaround plan has been ticked off by analysts from one of the major ratings agencies, although they warn there are risks.
The Minns government’s plan to cut NSW’s $145 billion debt bill has been given cautious backing by the reaffirmation of the state’s top-tier AAA credit rating by Moody’s analysts.
But successive deficits racked up by the previous Perrottet government had limited the state’s ability to respond to future economic shocks. Mr Mookhey target of a surplus in 2024-25 will be difficult to achieve given debt levels are rising, the analysts said. “Such a large and prolonged deterioration in NSW’s fiscal metrics will constrain the state’s capacity to respond to future shocks,” Mr Manning and analyst Gene Fang conclude in a research note.
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