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1. What was proposedEd CocksLiberal · Opposition
   Read the original wording (270 words)

   That this Assembly: (1) notes that: (a) the Financial Management Act 1996 requires that the proposed budget must be prepared taking into account: (i) the principles of responsible fiscal management; (ii) the object of providing a basis for sustainable social and economic services and infrastructure fairly to all ACT residents; and (iii) the object of ecologically sustainable development; (b) the Financial Management Act 1996 does not set out that the Government must have a specific credit rating as a goal in preparing the Budget; (c) the ACT Treasurer advised the Assembly that avoiding a credit rating downgrade was a specific objective in putting together the Budget; (d) following the Budget, the ACT credit rating has again been downgraded and is now rated equal worst in Australia; (e) ratings agency S&P Global cited the Government’s large after-capital deficits and structurally higher debt as key reasons for the downgrade; (f) the 2024-2025 financial year saw the headline operating balance deficit blow out to $1.38 billion with the 2025–2026 ACT Budget forecasting a Headline Net Operating Balance deficit of $424.9 million; (g) lower credit ratings generally correspond with higher borrowing costs; (h) before the credit downgrade to AA, the ACT’s interest expenses were already on track to be greater than a quarter of ACT own source taxation within four years; and (i) S&P Global has noted that an upgrade to the ACT’s credit rating is unlikely; and (2) calls on the Government to table a credit rating recovery plan with the Budget Review in February 2026 that details a strategy and timeline to return the credit rating to its previous AA+ and AAA levels. Debate ensued.

2. Proposed changeJo ClayGreens · Crossbench18 September 2025

   Grouped by key words as: added a new call or point, changed a date or deadline, added reporting or consultation.

   Before

   (2) calls on the Government to table a credit rating recovery plan with the Budget Review in February 2026 that details a strategy and timeline to return the credit rating to its previous AA+ and AAA levels. Debate ensued.

   After this change

   (2) calls on the Government to table a credit rating stabilisation plan by February 2026 that details a strategy and timeline to ensure current Budget spending is met by revenue.

   The exact wording of this change

   Omit paragraph (2), substitute: “(2) calls on the Government to table a credit rating stabilisation plan by February 2026 that details a strategy and timeline to ensure current Budget spending is met by revenue.”. Debate continued.

   Agreed in a recorded vote, 11 to 6. Its wording is in the final text.

   Ayes 11

   • Andrew Braddock, Shane Rattenbury, Jo Clay, Laura Nuttall
   • Marisa Paterson, Tara Cheyne, Chris Steel, Caitlin Tough, Taimus Werner-Gibbings, Suzanne Orr
   • Thomas Emerson

   Noes 6

   • Chiaka Barry, Peter Cain, Ed Cocks, James Milligan, Mark Parton
   • Fiona Carrick
3. What the Assembly decidedAgreed

   Decided on the voices: no individual votes were recorded, so this doesn’t show that every MLA agreed.

   Final agreed wording, with changes marked

   That this Assembly: (1) notes that: (a) the Financial Management Act 1996 requires that the proposed budget must be prepared taking into account: (i) the principles of responsible fiscal management; (ii) the object of providing a basis for sustainable social and economic services and infrastructure fairly to all ACT residents; and (iii) the object of ecologically sustainable development; (b) the Financial Management Act 1996 does not set out that the Government must have a specific credit rating as a goal in preparing the Budget; (c) the ACT Treasurer advised the Assembly that avoiding a credit rating downgrade was a specific objective in putting together the Budget; (d) following the Budget, the ACT credit rating has again been downgraded and is now rated equal worst in Australia; (e) ratings agency S&P Global cited the Government’s large after-capital deficits and structurally higher debt as key reasons for the downgrade; (f) the 2024-2025 financial year saw the headline operating balance deficit blow out to $1.38 billion with the 2025–2026 ACT Budget forecasting a Headline Net Operating Balance deficit of $424.9 million; (g) lower credit ratings generally correspond with higher borrowing costs; (h) before the credit downgrade to AA, the ACT’s interest expenses were already on track to be greater than a quarter of ACT own source taxation within four years; and (i) S&P Global has noted that an upgrade to the ACT’s credit rating is unlikely; and (2) calls on the Government to table a credit rating stabilisation plan by February 2026 that details a strategy and timeline to ensure current Budget spending is met by revenueClay.

   Original and final wording compared

   taken out put in

   That this Assembly: (1) notes that: (a) the Financial Management Act 1996 requires that the proposed budget must be prepared taking into account: (i) the principles of responsible fiscal management; (ii) the object of providing a basis for sustainable social and economic services and infrastructure fairly to all ACT residents; and (iii) the object of ecologically sustainable development; (b) the Financial Management Act 1996 does not set out that the Government must have a specific credit rating as a goal in preparing the Budget; (c) the ACT Treasurer advised the Assembly that avoiding a credit rating downgrade was a specific objective in putting together the Budget; (d) following the Budget, the ACT credit rating has again been downgraded and is now rated equal worst in Australia; (e) ratings agency S&P Global cited the Government’s large after-capital deficits and structurally higher debt as key reasons for the downgrade; (f) the 2024-2025 financial year saw the headline operating balance deficit blow out to $1.38 billion with the 2025–2026 ACT Budget forecasting a Headline Net Operating Balance deficit of $424.9 million; (g) lower credit ratings generally correspond with higher borrowing costs; (h) before the credit downgrade to AA, the ACT’s interest expenses were already on track to be greater than a quarter of ACT own source taxation within four years; and (i) S&P Global has noted that an upgrade to the ACT’s credit rating is unlikely; and (2) calls on the Government to table a credit rating [taken out: recovery][put in: stabilisation]plan [taken out: with the Budget Review in][put in: by]February 2026 that details a strategy and timeline to [taken out: return the credit rating to its previous AA+ and AAA levels. Debate ensued.][put in: ensure current Budget spending is met by revenue.]

   Compared word by word by computer, ignoring punctuation. It shows what differs, not which change made each difference; the steps above show that.