Standard and Poor's reconfirms WA's Triple-A credit rating

International credit ratings agency Standard and Poor's today reconfirmed Western Australia's Triple-A credit rating after analysing the State's financial strategy.

Standard and Poor's announcement stated:

"The ratings reflect the strength of the state's balance sheet, its prudent fiscal management and Australia's systemic support. The stable outlook reflects the current strength of the state's financial position, and our expectation that the government will implement the corrective measures announced in the fiscal 2010 budget."

The tick of approval of the Liberal-National Government's financial strategy followed the recent confirmation of WA's Triple-A credit rating by fellow ratings agency Moody's.

Treasurer Troy Buswell said Standard and Poor's confirmation of the State's financial management was an endorsement of the introduction of the FTE ceiling; the Wages Policy; the Works Reform Plan; the Economic Audit; the Efficiency Dividend; the Capital Works Audit and Red Tape Reduction scheme.

"The decisions of Standard and Poor's and Moody's to unanimously confirm our Triple-A credit rating are great acknowledgements of the work this Government has done so far and strong endorsements of its financial management," Mr Buswell said.

"Our ability to deliver on the financial strategy we have outlined over the past 12 months has been recognised and will underpin the next period of sustained economic growth in WA.

"Our strategy of making tough decisions and delivering on them will mean that WA can keep the cost of debt low as we invest in job-creating projects such as Gorgon, the Oakajee Port and the Ord."