Government financial management wins AAA credit rating

14/11/01
Treasurer Eric Ripper has welcomed confirmation by Standard and Poor's that Western Australia has retained its AAA credit rating.
Mr Ripper said the rating honoured a key election promise and vindicated the Government's financial management strategies evident in the 2001-02 State Budget.
But he said there was a need for continuing financial discipline to avoid the failings of the Court Government, which repeatedly promised surpluses but delivered four general government deficits.
"Standard and Poor's has made particular mention of the Coalition's history of 'fiscal blowouts between budgets'," Mr Ripper said.
"That is the legacy we're up against in working to restore the State's financial reputation.
"The Government's task is made more difficult by the uncertain global economic conditions."
Mr Ripper said he had visited Standard and Poor's Asia region headquarters in Hong Kong two weeks ago to emphasise the Government's commitment to financial discipline and public sector reform.
He said work was under way on the mid-year review of State finances. Fresh financial projections would be published by the end of the year.
Media reference: Darren Foster, 9222 8788