South Australia's Strategic Plan is comprised of 100 targets. These targets are specific and measurable and enable us to measure our progress towards achieving the Plan's visions and goals.

Each target is reported on through this section of the website. Data has been updated as at December 2017.


34. Credit rating:

Maintain AAA credit rating

Explanatory Comments

In 2004, the baseline year for this target (Standard and Poor’s in September 2004 and Moody’s in November 2004) rated South Australia to their highest credit rating of ‘AAA’— . In every yearly review until 2011, both agencies rated South Australia at their highest credit rating. In 2012, Standard & Poor’s and Moody’s downgraded the state’s credit rating from AAA to AA and Aa1, respectively.

Since then, a number of international, national and local factors led to cautious spending by consumers, and a significant decline in revenues. In response, the Government has reviewed and updated the underlying fiscal targets on which the budget is based. Rather than focusing on the AAA rating, the new targets focus on the broader issue of fiscal sustainability.

The 2016-17 Budget included the following fiscal targets:
1. Achieve a net operating surplus in the general government sector in every year; 
2. Limit operating expenditure growth to trend growth in household income; and
3. Achieve a level of general government net debt that remains affordable over the forward estimates— a maximum ratio of net debt to revenue of 35 per cent.

Lead Agency

Department of Treasury and Finance