CANBERRA Liberals leader Elizabeth Lee is disappointed but unsurprised at the ACT losing its coveted AAA credit rating.

In a review of the 2023-24 Budget forecasts columnists Jon Stanhope and Khalid Ahmed reported last month that the ACT’s debt increased at the rate of $3.2 million every day including weekends and Easter and Christmas holidays. The budget estimates has the debt at more than $9 billion. 

They say that over the budget period interest costs will increase from $250 million to $595 million annually.

However, given the downgrade to AA+, interest on the record billions in debt will now increase with the lower ratings.

“This is ACT taxpayers’ money that could be spent on health, education, housing and other essential services, but is instead paying off Andrew Barr’s debt,” she Lee.

“What is worrying is that for Canberrans, this will mean higher rates, land tax, car rego fees, levies and other hidden charges from Barr’s Labor-Greens government.

“This demonstrates that Andrew Barr’s repeated claims of returning the budget to surplus are not achievable and are just more spin from this arrogant, tired government.”

Barr’s budget boasting ignores doubling of debt