Moody's has downgraded Western Australia

  • To AA2 from AA1
  • Changed outlook from negative to stable

Cites:

  • ongoing deterioration in Western Australia's financial and debt metrics
  • Increasing risk that the state's debt burden will be higher than indicated
  • Drop in the price of iron ore and the sluggish performance in state taxes have led to declines in revenue
  • Absent corresponding expenditure measures, budget deficits are widening significantly
  • Western Australia's reliance on volatile royalty income
  • Impact of falling iron ore and oil prices on its budget outcomes

None of those will be a surprise.

WA is a great place. If you want a beach all to yourself, head over there.