Jeremy Rockliff's budget disaster has put Tasmania's credit rating at risk.

A credit downgrade will mean Tasmanians pay even higher interest rates on the Liberals' record debt.

S&P have warned the Liberals are now closer to a weaker credit rating than they had expected prior to the budget, and said the budget contained “a frank admission that the state is going to breach all of its own targets” for fiscal management.

Moody’s has said the Premier's 480 election promises would have "quite a negative impact" on the state's financial position, while also expressing concern about breaches of the fiscal strategy.

They said that when "financial parameters are set… the general expectation is that they will be managed to. When an entity steps outside of that, it does create questions as far as the willingness… to make hard decisions to maintain the commitment to those metrics.”

Over the next four years, Tasmanians will already have to pay $1.4 billion in interest on Jeremy Rockliff's record debt. 

Alarm bells will be ringing through the halls of Treasury today now the ratings agencies are warning of a credit downgrade.

Josh Willie MP
Shadow Treasurer