Victoria’s economy received another vote of confidence today, with international credit rating agency Moody’s confirming our triple-A stable credit rating.
Giving Victoria the highest possible rating, Moody’s indicated our credit quality reflected ample financial flexibility and a diverse economic base, along with strong economic growth that supported the state’s operations.
The triple-A rating was a direct result of the state’s strong economy and a healthy labour market. Victoria’s economy created more jobs in 2016 than the rest of the nation combined.
Moody’s stated Victoria’s debt was stable and manageable, as well as favourable compared to other states and territories.
Solid growth in the economy, household consumption, dwelling and business investment and employment, all contributed to the highest rating.
Good growth was also noted in the construction, financial services, education, training, health care and social assistance sectors.
Today’s reaffirmation follows Standard and Poor’s triple-A credit rating in August last year, and reflects Victoria’s robust growth and vigorous labour market.
Quotes attributable to Treasurer Tim Pallas
“This is more good economic news for Victoria, and shows that the strong and disciplined economic management of the Andrews Labor Government is helping Victoria keep its prized triple-A rating.”
“While Victoria’s strong economy continues to outperform the nation on a number of fronts, with jobs growth that is creating opportunities for all Victorians, the biggest risk to Victoria’s credit rating continues to be Malcolm Turnbull.”