What you said about Qld finances and losing AA+ credit rating

Trim the fat, cancel the Olympics or blame both sides of politics. What’s the fix to Queensland’s finances? HAVE YOUR SAY

Queensland Treasurer David Janetzki. Picture: Kevin Farmer

Trim the fat, cancel the Olympics or blame both sides of politics.

Readers have outlined their thoughts on the balance of Queensland’s finances after it was revealed the state’s AA+ credit rating is on the chopping block if its “pandemic-sized” spending spree is left unchecked.

A new report by S & P Global revealed Queensland’s spending is unsustainable, with operating expenses rising by 51 per cent since 2019, prompting a caution that, without spending cuts, the state faces a credit rating squeeze.

The report criticised the former Labor government’s “generous” cost-of-living rebates and “lavish” election commitments, including the continuation of 50 cent public transport fares.

While the report slammed Queensland’s spending spree, it acknowledged the state’s significant contribution to Australia’s revenue windfall through strong coal royalties.

The report does not, however, account for Treasurer David Janetzki’s Mid-Year Fiscal and Economic Review (MYFER), which revealed an additional $2bn in operational spending and a $45.8bn debt surge under the new LNP government.

Queensland Treasurer David Janetzki. Picture: Kevin Farmer

Mr Janetzki said the report confirmed his claims about Labor’s “debt and deficit” budget strategy.

“Queenslanders have been left to pay a high price for a decade of Labor budget blowouts, expensive failures,” he said.

The Treasurer refused to answer questions on whether he would need to cut back spending to avoid a credit rating downgrade, nor would he confirm if the government would discontinue cost-of-living relief measures.

However readers, it seems, have already made up their minds.

Many claimed the current situation is a result of poor politics; others said there are wider factors at play, while some insisted it’s time to trim the fat.

See what you had to say below and join the conversation >>>

WHAT YOU SAID

Trim the fat

Pedro the elder

How many more red flags does the Govt need, cancel the 2032 Olympic Games bid now. Redirect these $Billions into delivering much need services for the whole of the State. The games are an unnecessary drain on much of the resources affecting these ratings.

Nigel

First thing to do is pull out of the Olympic Games, Qld does not need showcasing to the world we are pretty well known to travelers now.

Ron

Queensland cannot afford the full list of items that we want. Something has to give, and that something must be the insane obsession with renewable energy.

Dianne

Get rid of the big fat and thin bodies in government departments

DrewP

There is one cost we can do without, CAN the Olympics.

Queensland Premier David Crisafulli and Treasurer David Janetzki. Picture: Kevin Farmer

It’s all a mess

Christine

The LNP government has been left in a really difficult position. The ALP ( which I believe knew it would lose the election) decided to spend huge amounts of taxpayer dollars just to make the LNP bring in cuts to many things to try and get the State back on an even keel.

Abigail

Now that the LNP are in government what is going to be done? What policies have been announced which will address this issue?

Dork

The hypocrisy of labor voters…..the qld credit card is maxed out and your solution would be to increase the credit limit. Geniuses.

Steven

Yes it’s really bad, but when is he going to do anything about it. Seems to be business as usual spending just like the Labor party. Feeling a bit like we elected Labor lite at this point. Time to get in there and drain the swamp.

Vortigern

Labor blew monumental amounts on nothing. When they did try to do something, it went sour. Paradise Dam is an absolute Labor classic. So was the Health payroll disaster. Let’s hope the LNP finds our way home.

Wider issues

Wayne

Reason for out of control spending??? Bloated Public Service??? Renewables. SIMPLE

AOF

Welcome to the new reality, of today’s World folks, where our State’s single, ..major ..export-earner, Coal, is no longer being ‘loved, quite so much’

Steve

It’s the circle of life in Queensland politics, Labor spends all our $$$$ on “feel good/get us re-elected” schemes”; the LNP have to clean up the mess thus making cuts and becoming unpopular.

Gaz

Labor, the kings of spending other peoples’ money. This debt does not include the “no cost” Olympic Ego games.

Originally published as What you said about Qld finances and losing AA+ credit rating