The least creditworthy jurisdictions face paying a higher risk premium on their borrowings unless they get their houses in order by bringing down debt or cutting back on their public works programs.
The end of cheap money is raising questions over whether there are enough political and financial constraints on how much Australia’s increasingly indebted state governments tax and spend.
NSW Treasurer Daniel Mookhey will call a halt to the former Coalition government’s sovereign wealth fund. Oscar Colman
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correction —
An earlier version of this editorial stated Queensland held a AAA credit rating. This was incorrect.
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