Peter Costello popped up last week to state that the Queensland Government had to sell off its income earning utility companies if it wanted to keep its AAA Credit rating. I'd like to question the credit rating groups who require state governments to sell down their best prime assets in order keep their AAA ratings. There has to be something fundamentally wrong with rating agencies methodology to in my honest opinion.
Many of the rating agencies made big mistakes in the USA so what gives them the right to adjudicate on Queensland to FORCE them to sell those very assets regarded as prime on the world scene?
Peter Costello appeared to do great things to manipulate the Federal Budget by selling its best assets to reduce liabilities selling QANTAS, COMMONWEALTH BANK, TELSTRA to name the a few strategic assets but look at them now. Why would holding those assets to cover their liabilities be such a bad thing I ask?
Whilst I fully agree that State and Federal governments should not be operating business enterprises using public service mentality staff, but sometimes for national security reasons Telstra should have been kept and should have Qantas no matter what their profitability status.
I have not heard anyone dare question Peter Costello's advice to Qld or even question the methodology used by the rating agencies which appear to hold a gun at the Qld State government head with Peter Costello ready to pull the trigger.
Will someone please stand up with more information.
