No need to worry about Queensland. Our Government composed of Union heavies and Labor true believers is expert at debt creation and management. They have assured all Queenslanders that it is not a concern. Even the $ billions being expended on Cross River Rail and then the Nambour Upgrade will not stretch the credit rating.The problem with Qld is that its now at a point it has to do the CRR and duplication to Landsborough (Nambour can wait), these projects have been deferred long enough.
Problem is ALP won't sell assets to retire debt or fund capital. After 8 years of trying, they have given up on the Feds to fund the bulk of both projects although the Feds should put some money on the table for Nambour duplication and realignment for the benefit of freight and if it was SG, they likely would be. The Qld govt needs to step up to the plate on CRR and finally is. Its their problem to solve, not Canberra's (read Sydney and Melbourne taxpayers).
In all three eastern states, the rail networks need to have a permanent slice of the respective annual budgets for expansion, cannot keep looking for the Chinese or who ever to fund via borrowings. None of the states have a single one off project like buying a house, where you just buy one. Its ongoing repetative spending, they are all behind and it will take 25 years to resolve even if say Qld allocated $1B a year for 25 years to both catch up and then catch with growth over next 25 years. Sydney is 2-3 x that amount.