Jul 16, 2026 – 11.48amRatings agency S&P Global has warned that state and territory governments have a built-in bias for upbeat spending and tax forecasts, following similar criticisms by the independent Parliamentary Budget Office of the Albanese government’s budget papers.S&P said Australia’s state budgets could be hit from a property market downturn sparked by Labor’s changes to the capital gains tax discount, despite four states upgrading forecasts of property-linked stamp duty revenue by a collective $3.6 billion months after the federal budget was handed down.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
S&P: Labor tax changes imperil ‘optimistic’ state budgets
S&P warns a property market downturn could hit state budgets, but most states upgraded their property tax revenue forecasts after the federal budget was handed down.
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