Drop in GST revenue will cost NSW ‘more than Covid’, treasurer says
Daniel Mookhey says ‘absurd’ carve-up of GST allocations means the state will ‘almost certainly’ lose its coveted AAA credit rating
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New South Wales will “almost certainly” lose its remaining top-notch debt rating after an “absurd” carve-up of GST revenue stripped more from state revenue than Covid-19, the state’s treasurer, Daniel Mookhey, said.
The assessment comes about a month after the Commonwealth grants commission revealed how it would allocate GST money. NSW complained it would lose $1.65bn even as its population swelled and other states, such as Victoria, got extra funds.
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