The ACT received a strong endorsement from international credit rating agency Standard and Poor’s (S&P), who have affirmed that ACT Government’s credit rating at ‘AAA/A-1+’ Ratings Affirmed; Outlook Negative.
The ACT’s rating is the highest awarded by Standard & Poor’s and recognises the Territory’s stable fiscal position following the release of the 2020-21 ACT Budget. The ACT is now the only Australian State or Territory and the only sub-national government in the Asia Pacific with a AAA rating.
The ACT Government has stared down a big economic threat from COVID-19, and the approach we took to invest in our community and protect local jobs has been a success.
We injected much needed support into our economy to stimulate spending. We supported industries impacted by COVID-19 restrictions and delivered a program of infrastructure upgrades across the city to keep people employed.
The ACT Government also supported people left behind from JobKeeper and JobSeeker through the Jobs for Canberrans fund.
This work isn’t over, and the Government remains committed to supporting the growth of our economy over the coming decade. We have an ambitious infrastructure pipeline that will create good local jobs in the years ahead. The Territory is also on track to reach our 250,000 local jobs by 2025 target.
According to S&P, the ACT local economy is recovering strongly from a COVID-19-induced downturn in 2020.
“Our rating on ACT reflects its robust financial management; very high-income economy, which relies on the public sector and is outperforming most peers; and exceptional level of liquidity.”
In August 2021, the ACT Government will release the 2021-22 Budget which will deliver the services and infrastructure our growing city needs, while managing our fiscal recovery.