00:01The 2032 games. Hospitals. Transport. Roads. A historic infrastructure pipeline with few
00:13price tags revealed, now partly responsible for a credit rating downgrade from AA plus
00:20to AA.
00:21It has been an inevitability for a very long time.
00:26It means debt is more expensive for the government, which means for taxpayers.
00:31More of the taxes that Queenslanders pay will be diverted to paying interest on that debt
00:37rather than paying for schools, hospitals, policing and other services people expect their
00:42state government to provide.
00:43Credit agency S&P has warned for years Queensland needed to rein in spending, noting the current
00:51government has maintained the spree of its Labor predecessors.
00:55David Crisofulli promised to spend more tax less and lower debt. It was impossible for
01:01him to do that and this is the inevitable outcome of those promises.
01:05The Crisofulli government inherited this situation, but so far it's done nothing to correct it
01:11and at the margin its decisions have made it worse.
01:15The credit agency says the government's cost saving measures are minor.
01:19S&P wanted us to raise taxes, reduce services and stop building. That's not going to happen.
01:27Changes to housing tax in the latest federal budget also hurting Queensland's bottom line.
01:32But prior to the downgrade, the federal treasurer came out swinging.
01:37David Janetsky frankly is lying when he says that the pressure on the state budget is because of the Commonwealth.
01:42For him to call me a liar this morning, it's pretty extraordinary for a federal treasurer.
01:48Without changes to taxes or services, debt will worsen. Already forecast to exceed $216 billion by
01:582029-30. David Janetsky says he'll continue to target budget improvements, but taxpayers will
02:06eventually have to foot the bill.
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