The loss of our AAA credit rating is extremely disappointing but not surprising.

The Canberra Liberals have been raising concerns over the level of debt this Government has been accumulating for some time now. At the same time, Andrew Barr has been more focused on trying to spin the territory’s poor financial position.

The high level of debt is costing Canberrans over $1 million dollars a day in interest repayments, and this latest report shows that the interest bill will only increase. This is ACT taxpayers’ money that could be spent on health, education, housing and other essential services, but is instead paying off Andrew Barr’s debt.

What is worrying is that for Canberrans, this will mean higher rates, land tax, car rego fees, levies and other hidden charges from Barr's Labor-Greens government.

This demonstrates that Andrew Barr's repeated claims of returning the budget to surplus are not achievable and are just more spin from this arrogant, tired government.