S&P rains on Victoria's economic parade
The Victorian Premier, Daniel Andrews may have been buoyed by a Deloitte Access Economics forecast that would see the state’s economy growing by 5.3% this year, by international ratings house Standard and Poor’s seems not so sure and has delivered the Treasury Corporation of Victoria (TCV) a ratings downgrade.
The TCV announced to the Australian Securities Exchange (ASX) yesterday that S&P Global Ratings had lowered its credit rating on TCV to AA/A-1+ from AAA/A-1+ after lowering its issuer credit ratings on the Australian State of Victoria to AA/Stable/A-1+ from AAA/Watch Neg/A-1+ on the same day.
This has occurred despite a Deloitte Access Economics quarterly business outlook, released on yesterday forecasting the Victorian economy will grow 5.3% in 2021, outpacing Queensland (4.6%) and NSW (4.4%).
“Victoria’s recovery to date has been remarkable. Few at the height of the second wave could have envisaged Victoria would begin 2021 in such a favourable position,” the Deloitte Access Economics report said.
Referencing the Access Economics report, Andrews said every Victorian should feel confident in the state’s economic recovery.
“2021 is going to be a very different year than 2020,” he said.
Recommended for you
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
Compliance professionals working in financial services are facing burnout risk as higher workloads, coupled with the ever-changing regulation, place notable strain on staff.
The Senate economics legislation committee has recommended Schedule 1 of the Delivering Better Financial Outcomes legislation be passed as it is a “faithful implementation” of the recommendations.
Treasurer Jim Chalmers has handed down his third budget, outlining the government’s macroeconomic forecasts and changes to superannuation.
