Strong balance sheet, with low net debt compared with international peers. Fiscal discipline. Solid economic base. Strong liquidity support. Similar to other Australian states, structural imbalance between revenue powers and expenditure responsibilities. On July 13, 2005, Standard & Poor's Ratings Services affirmed its 'AAA/A-1+' ratings on the Australian State of Victoria. The outlook is stable. Ratings are supported by: The state's strong balance sheet. Net debt is low and its financial performance is strong compared with 'AAA' regional government peers. Its low net financial liabilities provide the capacity for spending increases within the existing credit rating. The state is forecasting that general government sector underlying unfunded superannuation and net debt will rise to A$22.9 billion by fiscal 2009, from A$17.4
