Respected ratings agency S&P Global has today declared a ‘negative outlook’ for the ACT Government’s debt, suggesting that another formal credit rating downgrade is likely.

Canberra Liberals Leader and Shadow Treasurer Elizabeth Lee MLA said the independent reviewer has concluded that Andrew Barr has botched yet another Budget.

“Andrew Barr’s debt is out of control and the negative outlook means another downgrade is virtually inevitable,” Ms Lee said.

“The ACT already holds the second-lowest credit rating in Australia and what this highlights once again is that Andrew Barr has mismanaged the Territory’s finances.

“Andrew Barr’s 13th Budget failed to deliver much needed cost-of-living relief as promised.

“Throughout this term alone we have also seen hundreds of millions of taxpayer dollars wasted by the Labor-Greens government including the $76 million failed HR system, dodgy CIT contracts and cost blowouts of projects that have long been delayed.

“After 13 years as Treasurer, responsibility for the ACT’s parlous financial position rests exclusively with Andrew Barr.

“Good governments manage the economy responsibly and invest in projects that bring the most social, cultural and economic benefit to the ACT, and that good management leads to benefits for all the community,” Ms Lee concluded.

quotes from the report:

"The loosening of expenditure control and lack of clear fiscal targets has weakened our view of ACT's financial management.

"ACT's operating performance has been weaker than all AA+ rated subnational governments globally. ACT's operating balances will be the weakest of all Australian states and territories over fiscal years 2022-26, including Victoria."