The Turnbull Government welcomes the announcement today that Moody's has affirmed Australia's AAA credit rating, with a stable outlook.
The Government's record of strong economic management has ensured Australia's AAA credit rating has been maintained with all three major ratings agencies, one of just ten countries to have achieved this.
Factors cited by Moody's include Australia's:
- Relatively high and stable growth
- strong growth potential
- diversity and flexibility
- strong institutions that preserve macroeconomic and financial stability
Moody's acknowledged the Government's "ongoing, repeated commitment to fiscal consolidation" and that "successive budgets that have aimed to restrain spending and raise revenues demonstrate this commitment".
Risks cited by Moody's include "hurdles to fiscal consolidation" given potential opposition to the Government's responsible plans to keep a tight rein on spending.
This is a further caution to the Parliament, particularly the Labor opposition, on the need to back our plan for a stronger economy to bring the budget back into balance and pay down debt.
The Turnbull Government is sticking to our plan for a stronger economy to guarantee the essential services Australians rely on and create more Australian jobs, while ensuring the government lives within its means by bringing the budget back into balance.