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Bligh government maxes the state's credit card

Shadow Treasurer Tim Nicholls said the Bligh government is back in the financial markets borrowing up big. Mr Nicholls said the government is trying to raise $22 billion in the global bond markets. “The new borrowing program comes on top of $15 billion of debt raised last year. 

“The level of state’s financial liabilities to revenue is now expected to hit 127 percent – well outside the credit rating limits.  Queensland is still the only state in Australia to lose its AAA credit rating. 

Despite having the third largest population – under Labor, Queensland is the largest state government borrower in Australia - with outstanding debt at $56 billion.  The next biggest borrowing state is NSW with $44 billion in outstanding bonds. 

“The Bligh government is out of control, and it is putting our future in hock,” Mr Nicholls said. 

“Ballooning state debt is the result of the long term financial incompetence of treasurers Anna Bligh and Andrew Fraser. 

“Their stewardship of the state’s budget has not only led to a punishing higher cost of living for all Queenslanders, but will also lead to interest on debt climbing up to $600,000 per hour. 

“The CanDo LNP team will plan for the future and save taxpayer’s money by cutting waste.”