Moody’s Rating Outlook for Queensland

Media Release 

Shadow Treasurer Curtis Pitt says today’s change from stable to negative in the rating Moody’s assigns to Queensland’s outlook reflects doubts over the Newman Government’s ability to keep its promises.

“The Treasurer will yet again trot out his tired old lines and blame the former government for this downgrade,” Mr Pitt said.

“But after eight months in office and having delivered his own State Budget, Mr Nicholls must own this latest downgrade.

“The change in outlook by Moody’s is a warning shot that the Treasurer and the LNP government must live up to their promises while also meeting the demands of a growing population.

“The LNP government has not been able to fund its election commitments without taking the axe to jobs and services.

“It made election promises totalling a minimum of $4 billion and claimed they were fully funded from identified savings.

“Yet immediately after the election it took the axe to jobs and frontline services seeking $4 billion in savings.

“Since the election the LNP’s promises on cost-of-living issues such as electricity prices, water bills, and car rego costs have either been broken or their cost has blown out.

“By comparison, Labor’s election promises totalled $1.8 billion of which almost $750 million was to be funded from existing sources.

“The LNP has since promised to maintain an average 2.5% cap on expenditure over four years.

“It is obvious Moody’s has doubts about the LNP keeping that promise too.

“The Treasurer and the LNP government are totally responsible for the scale of their election promises, the problems of funding them, the impact of mass sackings and savage cuts to frontline services, and the 2.5% spending cap.

“Which means they are totally responsible for the latest downgrade too,” Mr Pitt said.