Yeah I heard joe on the ABC,when he was pushed about liberal state governments not balancing their budgets,he said"yeah look at NSW and Queensland they inherited debt from labor.
Now this is the tricky bit,what about the powerhouse of the country WA?
Col & co inherited $3.6 billion debt from the previous labor government,and what have we got now?
WA cops negative outlook
WA is on the edge of its own mini fiscal cliff, with international giant Moody's placing the State's cherished triple-A financial rating on negative watch.
As Treasurer Troy Buswell prepares to reveal a series of public sector cuts in his mid-year Budget review today to offset sagging mining royalties, Moody's yesterday warned WA's growing debts and volatile resource-related revenues were undermining the State's rolled-gold financial standing.
If WA lost its triple-A status it would spark a jump in the State's interest costs on the Barnett Government's ballooning debt, which is more than $14 billion but projected to peak at $23.2 billion in 2014-15.
Moody's said its decision to downgrade WA's triple-A rating outlook from stable to negative was because the State's spending was outpacing increasingly volatile mining-dependent revenues and debt was growing to levels "high in comparison with other Australian States and international peers".
Mr Buswell said Moody's announcement highlighted the volatile financial environment WA found itself in. Opposition Leader Mark McGowan said that the Barnett Government's "chickens were coming home to roost" from mismanagement of the State's finances, including allowing debt to spiral by more than 400 per cent since 2008.
