Cameron Dick hands down Labor’s 2024 budget, first since Steven Miles became Premier

Ratings agency Moody’s has kept Queensland’s credit rating unchanged but questioned the economic growth forecasts set out in the state budget.

In a statement, Moody’s noted the Miles government was forecasting stronger economic growth, rising from 2.3 per cent in 2023 to 3.0 per cent in 2024 and 2025, on the basis that global supply constraints are removed and Queensland exports rise.

However, that was higher than Moody’s forecasts for Australia’s overall economic growth in the period, and comes amid subdued household spending due to cost of living concerns.

“We consider underlying global inflation pressures and an uncertain monetary policy outlook as posing downside risks to the state’s growth outlook,” the statement said.

Treasurer Cameron Dick, who today repeated his call for the Reserve Bank to cut official interest rates, said he had not consulted the commonwealth on any inflationary impact from the budget.

Another agency, S&P Global, also held steady, but warned “waning fiscal discipline, revenue headwinds, and a growing infrastructure pipeline are eroding the buffer for our rating”.