Fitch affirms NSW Triple-A credit rating

Fitch also affirmed the State's credit rating with a stable outlook.

NSW is the only Australian state to hold a Triple-A rating from Fitch.

Fitch cited the State's strong economic fundamentals, including our large and highly diversified economy, resilient labour market and steady population growth.

It is a vote of confidence in Labor's economic plan.

It highlights the Government's commitment to sensible fiscal management and ongoing improvements in the State Budget - even as we balance substantial infrastructure investment and service delivery demand.

Each year we have reduced the deficit and are on track to return the Budget to surplus next year.

We have done this by cutting wasteful spending and having the lowest level of expense growth in mainland Australia.

Debt is also $9.7 billion lower than the former Liberal Government planned, saving $400 million per year in interest expenses.

We have a plan to control the state's debt without increasing costs for households.

The state's infrastructure investment program, which was 83 per cent debt funded in 2022, is now 53 per cent funded by borrowings.

We know the family budget is under pressure, which is why we're committed to growing NSW with more jobs, higher wages and attracting increased levels of private sector investment.

We want this to be a state that works for working families.

NSW currently holds a Triple-A credit rating with global ratings agency Moody's and an AA+ rating from S&P Global.