Credit rating agency S&P Global has warned Queensland’s AA+ credit rating is in danger of being downgraded due to a $9 billion election spending splurge by the state Labor government.
The warning comes as new analysis shows the total interest bill to be paid by state and territory governments this financial year will hit a record $22 billion – roughly the cost of Sydney’s 33-kilometre WestConnex road and tunnel project.
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John Kehoe is economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s first election. He joined the Financial Review in 2008 from Treasury. Connect with John on Twitter. Email John at jkehoe@afr.com
