S&P Global Ratings maintained Australia’s sovereign rating at AAA, and up graded the outlook from “negative” to “stable”. It said, “the government’s policy response and strong economic rebound have reduced downside risks to our economic and fiscal outlook for Australia.”
“We expect the budget to be supported by steady revenue growth, aided by robust commodity prices and expenditure restraint,” the agency added. “We believe Australia’s external accounts are likely to remain stronger than in the past and be resilient during potential crises.”
Australian Treasurer Josh Frydenberg welcomed the upgrade in the outlook outlook. He described that as a “resounding expression of confidence” in the government’s policies.
