WA Economy Named Best in the World by S&P Credit Rating

The West Australian premier - Mr Mark McGowan - has praised his government’s economic and financial administration after the highly credible global credit rating agency, S&P Global Ratings, released their latest analysis.

S&P Global Ratings Agency recently reported that the economy of Western Australian is regarded as the best in the whole economic world, over the previous 12 months - defeating the powerful German western state - North Rhine-Westphalia - which was rated second. Interestingly, Queensland has been rated the next-best state economy in Australia after WA.

Not surprisingly, Mark McGowan was extremely pleased with the result, praising how his government had responded to the COVID-19 crisis, adding additional weight to his strict stance regarding border closures throughout the pandemic.

The rating provided by S&P Global Ratings is primarily based on the rising tide of the mining growth and mining royalties and the ever-increasing iron ore price. Since the pandemic hit, WA has economically performed more favourably than any other state or territory in Australia, or the world over the past year.

The rating also reflects the increased consumer confidence in WA, which has been ranked at an all-time 11-year high. Economic forecast advisors report that WA expects the prospering state to reach a 2020-21 deficit cash equivalent to 0.65 per cent of state revenue by the end of the current financial year.

The S&P analysis, which was first published in The Australian earlier this month, also found that the state's debt, based on a percentage of operating revenue, to be deemed the most profound in the world at 91.9 per cent.

“The truth is that our economy is proceeding really well. And we’ve transformed our finances, converted a $3 billion deficit into a $3 billion surplus. We have directed the mining industry moving and supported its progression - along with the mining royalties that have resulted from this progress - even during the crisis of the pandemic's effects on our livelihoods,” Mr McGowan told reporters.

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Ephram Stephenson | #ephram