Second Liberal-National Budget retains WA's AAA credit rating

Treasurer Colin Barnett has welcomed the retention of Western Australia's AAA credit rating.

Standard and Poor's has this afternoon confirmed the rating in light of today's second Liberal-National Government Budget.

Standard and Poor's said:

'The government has used the improved revenue forecasts to reintroduce some expenditure measures that were shelved in response to a drop in revenue resulting from the global economic slowdown. The introduction of these measures is not, however, inconsistent with the 'AAA' rating.'

Mr Barnett said the assessment vindicated the Liberal-National Government's decisions for prudent and responsible management of the State's economy over the past year.

"Having a AAA credit rating means that the Government can keep the cost of debt low when borrowing to invest in job-creating projects and maintaining confidence in this State," he said.

"Responsible decisions were made to retain this rating and we have managed to do this while focusing on protecting and creating jobs and delivering better services in law and order, education, infrastructure, major projects like a rectangular stadium and a $1.1billion injection into health services.

"Standard and Poor's re-endorsement of our AAA credit rating is a vote of confidence in the financially responsible decisions this Government has and continues to take."