Treasurer Rita Saffioti claims credit for a WA economy rolling in mining royalties

Treasurer Rita Saffioti has seized on the latest credit rating report as proof WA’s “stable” economy is the best in the nation, but the Opposition says she doesn’t deserve credit for it.

WA has retained a AAA credit rating from international agency S&P, which called the State’s financial management “superior” to “most” domestic and global peers.

“Our strong financial management is in stark contrast to the record of the Liberals and Nationals that lost the AAA Credit Rating on the back of reckless spending,” Ms Saffioti said.

“The Cook Labor Government will always prioritise the responsible management of the State’s finances that enable us to make the investments to secure WA’s future.”

Shadow Treasurer Sandra Brewer said the AAA credit rating was “welcome news”, but warned the economic outlook is not all rosy with net debt expected to reach $42 billion by 2029.

“There are signs our debt will become harder to service, as the public sector ballooned out to a record 26.3 per cent share of the WA economy,” she said.

“Labor have not delivered on their promise to pay down debt with the luck of GST and iron ore.”

The State’s resources industry wants its share of the credit for the State’s good fortune.

The Chamber of Minerals and Energy WA has used the result to call for the Government to follow through on its promise to streamline project assessments.

“The WA resources sector has contributed $77.8 billion to the State Budget over the past seven years,” CME WA Policy Director Anita Logiudice said.

“That’s more than a quarter of all government revenue over that period and enough to pay for Metronet five times over.

“WA’s AAA credit rating is built in large part on the royalties and payments flowing from the mine sites and energy operations dotted across our State.

“Today’s confirmation must serve as a reminder of the importance of supporting the sector.”