Legislative Council, Tuesday 23 September 2025
Ms FORREST question to LEADER for the GOVERNMENT in the LEGISLATIVE
COUNCIL, Ms RATTRAY
Question:
1. With regard to discussions between the Treasurer, Treasury and rating agencies:
1.1. Have each of the ratings agencies been informed of the plan for an interim budget;
1.1.1. If so, on what date was each agency informed;
1.2. How many times has Treasury engaged with each rating agency since the election;
1.2.1. What dates were these meetings/engagements;
1.2.2. Who attended each of these meetings/engagements?
1.3. Has there been any formal advice received from any of the ratings agencies since the election; and
1.3.1. If so, what was the form of this advice?
Answer:
1.1. Yes.
Treasury met with credit rating agencies Moody’s Ratings (Moody’s) and S&P Global Ratings (S&P) on 24 June 2025 and 27 June 2025 respectively to provide a short briefing on the 2025 Pre-Election Financial Outlook Report. During each briefing, it was advised that the 2025-26 Budget Papers and related Appropriation Bills that were tabled on 29 May 2025 had no legal status as they had not passed the Parliament before it was prorogued for the election. It was further outlined that, in addition to the 2025 Supply Acts which provide for funding from 1 July 2025 up to 31 December 2025, it would be necessary for additional Budget arrangements to be put in place for the remainder of 2025-26 following the outcome of the election but prior to 31 December 2025. It was noted that the timing and form of the 2025-26 Budget would be a matter for the incoming Government.
The Treasurer and Treasury officials are scheduled to meet with the rating agencies on 22 September 2025 (Moody’s) and 1 October 2025 (S&P). As part of these meetings, further information will be provided on the development of the 2025-26 Budget.
1.2. Since the 2025 election, Treasury’s engagement with the rating agencies has been limited to officer contact to make the necessary administrative arrangements to meet with Moody’s and S&P in September 2025 and October 2025 respectively.
Outside of elections, Treasury meets with the rating agencies several times per year, including post the tabling of the annual Appropriation Bills in the Parliament. These meetings typically involve the Secretary, relevant Deputy Secretaries and Directors and other staff as needed from across the Department. Between these meetings, there is ongoing contact led by the Shareholder Policy and Markets Branch, which acts as the relationship manager for the Department.
1.3. No formal advice has been received from either Moody’s or S&P since the 2025 election.