Australia\u2019s 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.
\nIn its report, Fitch notes that our economy \u201chas weathered the pandemic well compared with peers\u201d, pointing to Australia\u2019s \u201csuccessful virus containment\u201d and an \u201ceffective fiscal and monetary response consistent with a policy framework that has underpinned the economy’s resilience to shocks over the medium term\u201d.
\nThe report also reaffirms that our economic recovery is well underway, noting that \u201cAustralia’s labour market appears to be on a stable path to recovery\u201d and forecast \u201cthe positive momentum to persist, with unemployment averaging 6.2 per cent in 2021 and 5.6 per cent in 2022\u201d while acknowledging that temporary government support continues to taper off.
\nThis 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.
\nFitch forecasts the Australian economy to expand by 3.8 per cent in 2021 and 2.7 per cent in 2022, \u201cdriven by robust consumption as households draw down high accumulated savings from government relief measures\u201d.
\nWith the help of the Government\u2019s 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.
\nFitch\u2019s outlook is complemented by the start of Australia\u2019s vaccine rollout, which \u201cshould gradually ease these risks over the year and support domestic sentiment\u201d.
\nWith 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.
\nOur Economic Recovery Plan continues to support a private sector-led recovery by creating jobs, rebuilding our economy and securing Australia\u2019s future.<\/p>\n","protected":false},"excerpt":{"rendered":"
Australia\u2019s 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 \u201chas weathered the pandemic well compared with peers\u201d, pointing to Australia\u2019s \u201csuccessful virus containment\u201d and an \u201ceffective … Continue reading “AAA credit rating reaffirmed by Fitch”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-10383","post","type-post","status-publish","format-standard","hentry","category-aussie"],"_links":{"self":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/10383","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=10383"}],"version-history":[{"count":0,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/10383\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=10383"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=10383"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=10383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}