S&P re-affirms Australia's AAA credit rating
Wayne Swan
posted Monday, 6 September 2010
The Gillard Labor Government today welcomes Standard & Poor’s announcement re-affirming Australia’s AAA sovereign credit rating, providing further evidence of the Government’s responsible economic management.
The global ratings agency said the Government’s decisive fiscal stimulus helped the Australian economy outperform every major OECD economy last year, and that Australia’s ‘fiscal position remains stronger than most AAA rated peers’.
S&P said the Gillard Government’s ‘strong balance sheet’ means Australia ‘has ample fiscal flexibility, underpinned by low public debt and strong fiscal discipline’.
S&P also said that ‘Australia’s public finances will continue to withstand adverse financial and economic shocks’, and endorsed the Gillard Government’s plan to get the Budget back to surplus in 2013.
The Gillard Labor Government is focussed on continuing its record of responsible economic management - which kept our nation out of recession during the worst global economic downturn in 75 years - as the foundation for stable and effective government.
Tags: Economy