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S&P Global Ratings has downgraded Queensland’s long-term issuer credit rating from AA+ to AA, the state’s first downgrade in almost two decades. The agency cited weak budgetary performance and structurally higher debt as the state ramps up infrastructure spending ahead of the 2032 Olympics, though it kept the outlook stable.

Treasurer David Janetzki called the downgrade inevitable and blamed the former Labor government and the federal budget, a claim Federal Treasurer Jim Chalmers rejected on air. Opposition Leader Steven Miles said the blame sits with the Crisafulli government for missing its own savings targets.

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