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Australia’s AAA credit rating has today been reaffirmed by Fitch, with Australia one of only nine countries to hold a AAA credit rating from all three major credit rating agencies.
In its report, Fitch notes that our economy “has weathered the pandemic well compared with peers”, pointing to Australia’s “successful virus containment” and an “effective fiscal and monetary response consistent with a policy framework that has underpinned the economy’s resilience to shocks over the medium term”.
The report also reaffirms that our economic recovery is well underway, noting that “Australia’s labour market appears to be on a stable path to recovery” and forecast “the positive momentum to persist, with unemployment averaging 6.2 per cent in 2021 and 5.6 per cent in 2022” while acknowledging that temporary government support continues to taper off.
This is underpinned by the creation of around 350,000 jobs in the last four months, the unemployment rate falling to 6.4 percent in January, and 94 per cent of the 1.3 million people who lost their job or were stood down on zero hours at the start of the crisis now back at work.
Fitch forecasts the Australian economy to expand by 3.8 per cent in 2021 and 2.7 per cent in 2022, “driven by robust consumption as households draw down high accumulated savings from government relief measures”.
With the help of the Government’s unprecedented economic support, Australian households and businesses have amassed an additional $240 billion on their balance sheets over the last year. More than $7 billion in tax cuts have also flowed through to around 11.5 million hard-working Australians.
Fitch’s outlook is complemented by the start of Australia’s vaccine rollout, which “should gradually ease these risks over the year and support domestic sentiment”.
With payroll jobs, business and consumer confidence also at pre-pandemic levels, Australia has performed better on the health and economic front than almost any other nation.
Our Economic Recovery Plan continues to support a private sector-led recovery by creating jobs, rebuilding our economy and securing Australia’s future.

The Prime Minister has asked his former chief of staff, now head of his own department, to investigate what Prime Minister’s office knew about an alleged rape of a government staffer, which The Greens say is just perpetuating the cover up.
“Every day, more damning information comes out about the involvement of the Prime Minister’s Office.  We need to get to the bottom of it.” said Senator Larissa Waters, Greens Leader in the Senate and spokesperson for women.
“Announcing yet another internal review is delaying tactic by a Prime Minister more interested in protecting himself and his office than telling the truth and ensuring that all women who work in politics are safe.
“The last time Mr Gaetjens reviewed conduct in the PMO, his findings were kept secret by dubious cabinet-in-confidence claims. The PM has given no assurance that this review will be any different.
“We need a comprehensive, independent review with public findings and recommendations that all side of politics and the public can have trust in.
“On Monday I’ll move a motion to establish an independent inquiry to find out who knew what, when, and what they did about it.  We owe it to survivors to make sure no one has to go through Brittany Higgins’ experience again.”

The Morrison Government is providing $9.7 million in additional funding to Surf Life Saving Australia (SLSA) as it continues to protect beachgoers and improve volunteer lifesaving skills.
Prime Minister Scott Morrison said the additional funding would help save lives and builds on a further $21 million over the next three years for the Water and Snow Safety Program.
“Our surf lifesavers play such a vital role at our beaches saving lives and dealing with emergencies in the water and on the beach day in, day out,” Prime Minister Scott Morrison said.
“This additional funding will ensure our local clubs will have the ability to purchase vital equipment and medical supplies that they need to keep Australians safe on our beaches.”
From July 2019 to the end of June 2020, there were 248 drownings in Australia with more than half of the fatalities occurring in coastal areas.
The Morrison Government will invest $3.1 million through the Water and Snow Safety Program, to support SLSA’s Beach Safety Equipment Fund aimed at preventing fatal and non-fatal drownings.
It means surf lifesaving clubs will now be able to access up to $10,000 per annum over the next two years to purchase new or replacement patrol equipment such as rescue boards, life jackets, rescue manikins, inflatable rescue boats, all-terrain vehicles, defibrillators, and first aid and medical supplies.
The new funding also includes $6.6 million over two years to continue providing vocational education and training (VET) to volunteers and build on SLSA’s capability.
SLSA is the largest volunteer movement in Australia with more than 173,000 members and 314 affiliated surf clubs across the length and breadth of the nation.
Minister for Sport, Senator the Hon. Richard Colbeck said the training offered by Surf Life Saving to club volunteers and members provided them with transferrable skills beyond lifesaving.
“As well as being able to use new skills learnt during VET training for the purpose of life-saving, around 25 per cent of SLS members believe these new skills helped them gain employment,” he said.
“This funding will also help upgrade SLSA’s technology to enhance the training it offers, cut red tape and expand its recruitment and recognition of supervisors, trainers and assessors at clubs.”
Member for Mackellar, Jason Falinski, said the funding would be vital for Surf Life Saving clubs like Collaroy where volunteers, who have already performed 5000 patrol hours this season, rely on the best skills and equipment to keep beachgoers safe.
“The efforts of our Surf Life Savers should not be underestimated,” Mr Falinski said. “Every day during the summer season, thousands of dedicated volunteers are keeping swimmers safe.
“With this significant support, the Morrison Government is ensuring clubs and their members across the country can continue to do what they do best – saving lives.”
The additional funding for SLSA’s Beach Safety Equipment Fund brings the Government’s investment for this initiative to $9.1 million from 2018–19 to 2021–22.
The Morrison Government’s additional investment in VET training for SLSA brings its total commitment to this program to $16.6 million between 2016–17 and 2021–22.