The State Government welcomes Moody’s credit rating release for Tasmania which has affirmed the State’s Aa2 credit rating with a stable outlook.
The Moody’s credit rating reinforces the confidence in the Tasmanian Liberal Government’s strong budget management, and our continuing recovery. As Moody’s notes, our economy may be small, but it is “resilient and diverse”.
This recognition does not happen by accident. It is proof that because we entered the pandemic from a position of strength, with one of the strongest economies in the nation and no net debt, we were able to use our balance sheet as an economic stabiliser and deliver the largest economic and social support package in the nation as a proportion of our economy.
The Government also welcomes Moody’s endorsement that the “state is focused on mitigating climate risk” and recognises our “significant investment in irrigation and infrastructure.”
The Moody’s rating confirmation comes on top of the latest CommSec State of the States Report for January 2021 which showed that Tasmania has held the mantle for the best performing economy in the country for the last four consecutive quarters. Since the height of the pandemic’s impacts in May, more than three quarters of Tasmanians have returned to work.
The 2020-21 Budget includes a landmark $5 billion infrastructure program across the next four years to support around 25,000 jobs, as well as a $22 million investment to make it easier for Tasmanian businesses to employ more apprentices, trainees and youth employees.
We will continue to focus on growing our economy, creating jobs, and getting more Tasmanians back into work as we continue to rebuild a stronger Tasmania and this report is proof that we’re delivering on our plan and doing exactly that.