Jacinta Allan’s massive budget blowouts are jeopardising Victoria’s credit rating according to a leading global ratings agency.
Victoria’s credit rating is already one of the worst in the country, with only the Northern Territory currently holding a lower rating.
S&P Global Ratings have warned that a further downgrading of Victoria’s credit rating is imminent following the $10 billion cost blowout on the North East Link and the updated budget forecast that Victoria’s debt will rise to nearly $178 billion.
Shadow Treasurer, Brad Rowswell, said: “This warning is a direct result of Labor’s financial mismanagement for which every Victorian is paying for through the highest taxes in the country and rising living costs.
“It’s just as troubling that Premier Jacinta Allan and Treasurer Tim Pallas don’t seem to care about the damage caused by their financial recklessness.
“Labor needs to rein in debt and end the waste which has already seen $38 billion in budget blowouts on major projects.”
