Ratings downgrade a necessary cost of emergency government support

Australia's massive emergency response to the COVID crisis has seen come at a cost to the powerhouse states of New South Wales and Victoria. 

Both have been stripped of their coveted AAA crediting rating as government debt surges. 

Westpac's head of rates strategy Damien McColough tells ABC's Peter Ryan the federal governmet's AAA credit rating is also vulnerable from spiralling debt.