The Hon. Rob Lucas MLC

The Hon

Rob Lucas MLC

Treasurer

Media Releases Archives


Rating agency rejects Foley claim

Wednesday, 22 February 2006

Shadow Treasurer Rob Lucas today welcomed an announcement from independent credit rating agency Standard and Poor’s that a Liberal Government would not be a threat to the state’s AAA credit rating.

“Treasurer Foley made a series of outrageous claims yesterday that if a Liberal Government was elected the state’s AAA credit rating would be at risk,” Mr Lucas said today.

They will plunge our state budget into severe deficit. On the current projections of spending the state will lose the AAA credit rating.
Kevin Foley, ABC Radio, 21 February 2006

In a major article in The Australian today headed ‘Libs not a credit risk, says agency,’ Standard and Poor’s confirmed that the state’s AAA credit rating was safe no matter who won the March 18 poll. (See attached)

“We fully expect fiscal discipline from both parties. Standard and Poor’s can say from our point of view we don’t consider the AAA rating at risk as a result of the election.”
Danielle Westwater, S&P analyst, The Australian, 22 February 2006

“It was the former Liberal Government that cleaned up Labor’s State Bank mess and also took the difficult decisions on reducing debt and negotiating the GST deal which were significant factors in South Australia regaining its AAA credit rating.

“Mr Rann and Mr Foley opposed both those decisions at the time and still do.

“It is now apparent Mr Rann has agreed his Ministers can say virtually anything if they think it might help their re-election.

“Standard and Poor’s statement today is a major embarrassment to Mr Foley and his credibility.”
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