Month: November 2022

Global ratings agency Fitch has reaffirmed NSW’s triple-A credit rating with a stable outlook, the latest vote of confidence in the State’s financial management.
 
NSW is the only state in Australia with two triple-A credit ratings, with Moody’s also assigning a triple-A rating in September. Last month, S&P Global maintained the State’s double-A plus rating with a stable outlook. 
 
Treasurer Matt Kean, who will this week meet with Moody’s in London to discuss the economic outlook and Environmental, Social and Governance (ESG) risk factors, said the result was proof of the State’s strong fiscal management. 
 
“New South Wales remains the only state in Australia with a Moody’s and Fitch triple-A credit rating,” Mr Kean said.
 
“The State’s strong financial management has supported our credit rating and enabled the Government to continue to deliver on its record $112.7 billion infrastructure program.  NSW remains on track to return to surplus in 2024-25.”  
 
The State’s net debt is projected to stabilise at about 14 per cent of Gross State Product by June 2026, compared with a projected 26.5 per cent for Victoria at 30 June 2026.
Mr Kean, in his meeting with Moody’s, will discuss the direction of fiscal policy post-COVID and the most pressing credit risks for NSW.

The NSW Government will be responsible for assessing three planning proposals that could unlock around 19,000 new homes, and secure the protection and implementation of important koala corridors, in Appin, Gilead and North Appin.

Minister for Planning and Minister for Homes Anthony Roberts said the Government was fast-tracking the assessment of three large, complex and interrelated proposals, as part of the Government’s $2.8 billion package to improve housing supply in NSW.

“In addition to potentially providing much-needed housing, these proposals will improve outcomes for the area’s koala population, one of only a few disease-free populations in NSW,” Mr Roberts said.

“Setting up koala corridors is a key part of our conservation efforts to make sure koalas can safely move around, and these proposals could help secure and implement koala plans identified in the Cumberland Plain Conservation Plan.”

Mr Roberts said while planning proposals are normally lodged with councils in the first instance, the State will assess these proposals given their combined significance, complexity, and strong housing and environmental benefits if approved.

“The Department of Planning and Environment will undertake the assessment of these proposals, which are all located in the Greater Macarthur Growth Area, so councils don’t need to. However, it will be required to work closely with councils and other agencies to resolve any potential issues,” he said.

“Nothing about the assessment process changes including the important need for community consultation.”

The three proposals which are expected to be lodged shortly are:

• A 1,284-hectare site to support around 12,900 new homes, including affordable housing, and help secure new important koala corridors (Walker Corporation);
• A 300-hectare site for up to 3,000 new homes and help secure and implement a koala corridor along Ousedale Creek (Ingham’s Property Group); and
• An 876-hectare site for up to 3,300 new homes, a school, public open space and environmental conservation land, and land dedicated for several koala corridors, that all implement the advice of the NSW Chief Scientist (Lendlease).