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November 16th, 2011 
FAKE NEWS for the Zionist agenda
AAP
Retaining South Australia’s AAA credit rating has become more difficult since the state budget in June, Treasurer Jack Snelling says.
Mr Snelling said since the budget there had been a marked reduction in property transactions, cutting the take from conveyancing taxes.
At the same time, he said the world’s largest economy, the United States, had been downgraded to AA+
“In that sort of environment it’s very difficult for a relatively small economy like South Australia to retain a AAA rating,” Mr Snelling told reporters on Wednesday.
But the treasurer said the government was committed running a sustainable budget.
“On that basis we bring you back to the household analogy,” he said.
“It means that when you’re borrowing, you’re borrowing on things that are going to increase your economic capacity, on things that are going to benefit future generations.
“What you don’t want to be doing is borrowing to cover your day-to-day expenses.”
On Tuesday Premier Jay Weatherill said Jobs and South Australia’s future prosperity were more important than the AAA credit rating.
Mr Weatherill said he would be prepared to lose the rating if it came down to a choice between that and maintaining the government’s major infrastructure program and providing employment opportunities.
Projects like the Adelaide Oval upgrade, spending on a new southern suburbs expressway, a new hospital and improved public transport would underpin the state’s prosperity,” he said.
“We may very well be faced with a choice of trying to retain the AAA credit rating or abandoning some of our key infrastructure projects which are about jobs for the future,” Mr Weatherill told reporters.
“I will choose jobs in that equation every time.”
In its most recent assessment of the SA economy, ratings agency Standard Poor’s (SP) confirmed the state’s AAA rating but downgraded its economic outlook from stable to negative.
The agency said it had concerns the government would not achieve its ambitious savings targets outlined in the budget.
Mr Snelling said those savings measures were generally on track, despite some areas of concern, including health.
He said more details would be given at the mid-year budget review in December.
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