NSW’s AAA credit rating at risk due to latest GST carve-up

The New South Wales government is on track to lose its Triple A credit rating due to the latest GST spread. Australia’s most populous state will lose $11.9 billion over four years, while other states will see an increase. NSW Treasurer Daniel Mookhey argues the move will cause the state to lose more revenue than the pandemic. New South Wales is one of only 21 sub-national governments worldwide to still maintain a premium credit rating. Treasurer Jim Chalmers believes it’s natural for New South Wales to seek more support. “We need to all recognise collectively state and territory treasurers of both political persuasions and federally, we all got pressures on our budget, we’ve all got to manage that,” Mr Chalmers said. “It’s not unprecedented for a state treasurer to want more money from the Commonwealth or to point the finger at the Commonwealth.”