CANBERRA, ACT, Sept. 11 -- The Treasurer of Australia issued the following transcript:
Jim Chalmers:
Queensland does really well out of this Albanese Labor government. As a Queenslander and as Treasurer, that will never change. Queensland is benefiting from billions of extra dollars in investment from the Commonwealth government. We have invested billions more in hospitals and schools, in roads, the stamp duty take has come up substantially over the last couple of years and Queensland's getting more GST revenue as well. Now, there are a range of reasons why the Queensland Budget is under pressure and why it's at risk of a ratings downgrade. But the Commonwealth is not one of those reasons. The Commonwealth government, the Albanese Labor government, has been investing billions and billions more into Queensland, into hospitals, into schools, into roads. If you think about stamp duty in particular, stamp duty revenue in Queensland alone is up 58percent over the last 2years.
So, I know that Treasurer Janetzki is in a rush to try and blame everyone else for his Budget and for a potential ratings downgrade in Queensland. We acknowledge that right around Australia and certainly in the Commonwealth budget too, our budgets are under pressure everywhere. There are a lot of reasons why the Queensland Budget is under pressure, but the Commonwealth government is not one of those reasons. All of the billions of extra dollars that we're investing in Queensland, the increased stamp duty, the increased GST, the increased coal royalties, that should all be very good news for the Queensland Budget.
It's up to Treasurer Janetzki to explain why with all of the billions of dollars of extra Commonwealth investment and extra revenue, he is at risk of a ratings downgrade. The Commonwealth Budget is rated AAA by all 3 of the major credit ratings agencies. The Commonwealth Budget has been reaffirmed as AAA in the last few weeks. And the ratings agencies have pointed to the Albanese Labor government's responsible economic management. I take responsibility for the Commonwealth Budget. It's time for Treasurer Janetzki to take responsibility for the Queensland Budget.
Journalist:
Queenslanders will ultimately bear the brunt of a downgrade if it does happen through cut services, higher taxes or a worse bottom line. Is there any financial support on the table for Queenslanders if that does eventuate?
Chalmers:
Well, the Commonwealth is already providing very substantial support to Queenslanders and the Queensland Budget. The hospitals deal, the schools deal, billions of dollars extra for roads, taking pressure off hospitals via Urgent Care Clinics, all of the cost‑of‑living help that we're providing Queenslanders. This is all about recognising that Queensland and Queenslanders are under pressure. So, the Commonwealth government is already investing billions more in Queensland. Revenue is up in Queensland, not down. These are all the reasons why it is completely and absolutely wrong for Treasurer Janetzki to blame the Commonwealth for his own economic mismanagement.
Journalist:
And on that point I suppose the state Treasurer has been blaming the Commonwealth. Just to be clear, you don't think it's your responsibility or the Commonwealth's responsibility at all for a potential downgrade?
Chalmers:
Let me give you a couple of reasons why Treasurer Janetzki is completely wrong. The first one is stamp duty. Stamp duty is up from 58percent in Queensland over the last 2years, and the ratings agencies have been saying over almost that whole period that they're looking to downgrade the Queensland Government's Budget. That's the first point. Second point is David Janetzki wants to say today that a Commonwealth Budget in May of 2026 is responsible for these ratings agencies' warnings, which have been happening in 2025. So, he's completely wrong on that point as well.
But overwhelmingly and fundamentally, the main reason Treasurer Janetzki is completely wrong is this: the Albanese Labor government, with a Queenslander as Treasurer, is piling billions of extra dollars into Queensland. Queensland does very well out of the Albanese Labor government. Funding has gone up, investment has gone up, revenue has gone up, and yet still the Queensland rating under Treasurer Janetzki risks going down. That's for him to explain.
Journalist:
And just finally, the previous state Labor governments' public spending has been criticised. Do you think they should shoulder any of the blame?
Chalmers:
Right around Australia, governments of both political persuasions have got budgets under pressure, and the Commonwealth budget is under substantial pressure as well. We've acknowledged that for some time. The Commonwealth Budget is rated AAA, and that's because of our responsible economic management. The ratings agencies have made that clear. But every budget in one way or another is under pressure. There are a whole range of reasons why the Queensland Budget is under pressure, but the Commonwealth is not one. Thanks very much.
Journalist:
Thanks very much.
Disclaimer: Curated by HT Syndication.
