International ratings agency S&P Global has praised the strength of the South Australian economy and the state’s financial management in its review of the State Budget.
S&P Global ranks South Australia as having the second strongest credit rating in the country at AA+ Stable, only behind Western Australia.
In a bulletin issued following the release of the State Budget, S&P Global stated:
“The general strength and wealth of the local economy and solid financial management support our ratings on South Australia. The state also benefits from an extremely strong institutional framework and liquidity coverage.”
Yesterday, the Treasurer handed down a budget that delivered the biggest cost of living relief package in the state’s history, while delivering certainty for business with no new taxes.
Key cost of living relief measures include:
- $174 million to provide free public school, saving families an average of more than $8,000 per child throughout their schooling.
- $77 million to provide full stamp duty relief for seniors aged 60 and over who downsize to a new home valued up to $2 million.
- $76 million to help keep kids off screens, including free school camps and expanding sports vouchers.
- $45.5 million to establish new Out of School Hours Care services at 68 government primary schools, creating around 2,300 extra OSHC places.
- $18.5 million over four years for South Australia’s first IVF rebate scheme, providing $2,000 per IVF cycle for up to two cycles.
- $8.4 million for the expansion of the Seniors Card to all South Australians over the age of 60.
As put by Tom Koutsantonis
S&P’s comments reinforce the South Australian economy is strong and our budget is prudent and responsible.
This budget has a clear focus: cost of living relief for families and certainty for business.
There are no surprises – we are delivering on our election commitments.
This Budget delivers practical support for families, including free public school, expanded OSHC, more affordable IVF, support for first homebuyers and downsizers and ensuring all seniors can access the benefits of the Seniors Card.
At the same time, businesses can have confidence this is a Government that does not believe in disrupting expectations or springing surprises.
