In the 2022-23 NSW Budget, the NSW Government is investing in the State’s long-term economic and fiscal sustainability with a suite of productivity reforms and support for the NSW community. This Budget supports families with measures to boost household budgets and delivers reform in areas such as early childhood education and care which will support women’s opportunities. 

The Government projects a return to surplus in 2024-25 and projects net debt to stabilise around 14 per cent of Gross State Product by June 2026 and then decline in the second half of the decade. 

The State’s credit rating was reviewed by Moody’s, S&P Global and Fitch in 2022. The current credit ratings are largely supported by the State’s long history of strong financial management and the State’s strong economy. The State’s ratings per agency are below: 

  • In September 2022, Moody’s reaffirmed a triple-A credit rating with a stable outlook. 

  • In October 2022, S&P Global reaffirmed a double-A plus credit rating with a stable outlook. 

  • In November 2022, Fitch reaffirmed a triple-A credit rating with a stable outlook. 

The object of the Fiscal Responsibility Act 2012 (FR Act) is to maintain a triple-A credit rating. As per the FR Act, the Government has reported back as part of future budgets in relation to its plan to regain the S&P triple-A credit rating. 


Learn more about credit ratings

A credit rating is a measure of how risky a borrower is (the borrower’s expected willingness and capacity to repay any debt on time). Types of entities may include (but are not limited to) an individual, country, state, city or company.  Ratings vary according to the type of debt instrument (and its terms and conditions), as well as the borrower’s credit profile. 

Higher credit ratings may lower the cost of borrowing and assist an entity in accessing financial markets. 

For Government entities, the highest possible ratings are Aaa (Moody’s), AAA (S&P) and AAA (Fitch). The lowest are C (Moody’s), D (S&P) and D (Fitch).

Last updated: 02/03/2023