Chance of Qld ratings downgrade: Nicholls

Queensland Treasurer Tim Nicholls says there is a one-in-three chance of a credit ratings downgrade. Source: AAP

QUEENSLAND Treasurer Tim Nicholls says there is a one-in-three chance the state's credit rating will be downgraded.

Queensland lost its prized AAA rating in 2009 as the global financial crisis shook world markets.

Moody's in November downgraded its AA1 outlook from stable to negative only two months after 14,000 public sector jobs were slashed in the budget.

Mr Nicholls fronted a budget estimates hearing on Tuesday and was asked whether the job losses and increased taxes hurt Queensland's economy don't help a return to a triple A credit rating.

"(They) are actually absolutely essential to ensuring that Queensland does not receive a further downgrade," he said.

"With a negative watch from Moody's, we have a one in three chance of a downgrade.

"We have to continue to monitor our expenses to ensure that our expenses growth does not exceed over the cycle our revenue growth.

"And that's exactly what we are delivering."

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