THE ACT has retained its AAA credit rating.

Ratings agency Standard & Poors (S&P) today (November 10) reaffirmed the ACT’s rating of AAA/A-1+.

The S&P report states that: “Our ratings on ACT reflect its excellent financial management; very high-income economy, which is closely linked to the stable public sector; and exceptional liquidity.”

The ACT’s economic fundamentals remain “very strong” and the territory has a very high-income economy, the S&P said.

“The territory historically has Australia’s most resilient labour market, with unemployment tracking 1-2 percentage points lower than the national average in the past half decade.”

Chief Minister Andrew Barr said the rating was due to strong economic management.

“During the worst of the pandemic, we did exactly what we set out to do – protect local jobs and keep our city growing, and now, our job is to build Canberra’s future,” Barr said.