International credit rating agency Moody’s has today reaffirmed Victoria’s triple-A stable credit rating, the highest possible rating.
Moody’s said the rating reflects ample financial flexibility and a diverse economic base that supports its operations.
Victoria’s economy grew by 2.5 per cent in the past financial year, a significant jump from the 1 per cent rise registered in the previous year, and above the national rate of 2.3 per cent.
This boost in growth is consistent with a long list of economic indicators since the Andrews Labor Government was elected that point to the underlying strength of the Victorian economy and the increasing confidence returning to it.
Moody’s noted Victoria anticipates a similar rate of solid economic growth this financial year.
Today’s reaffirmation follows Standard and Poor’s triple-A credit rating in August last year, and confirms Victoria’s status as a leading economic powerhouse in Australia.
The Andrews Labor Government made an election commitment to secure substantial operating surpluses and maintain a triple-A rated economy – and that commitment will continue to be honoured in full.
Quotes attributable to the Treasurer Tim Pallas
“This is more good news and another affirmation of the strong financial management and fiscal discipline of the Andrews Labor Government.”
“Moody’s makes special mention of Victoria’s strong higher education, tourism and manufacturing sectors and predicts further growth in our economy this financial year.”
“The former Labor Government secured Victoria’s triple-A credit rating, and the Andrews Labor Government has a robust yet measured fiscal strategy to keep it.”