New South Wales will “almost certainly” lose its remaining top-notch debt rating after an “absurd” carve-up of GST revenue stripped more from state revenue than Covid-19, the state’s treasurer, Daniel Mookhey, said.
The assessment comes about a month after the Commonwealth grants commission revealed how it would allocate GST money. NSW complained it would lose $1.65bn even as its population swelled and other states, such as Victoria, got extra funds.
