In a clear expression of confidence in the Morrison Government\u2019s economic management, Fitch Ratings have affirmed Australia\u2019s AAA credit rating and upgraded its outlook to stable from negative.
\nEmerging from a once in a century pandemic and the greatest economic shock since the great depression, Australia remains one of only nine countries to maintain a AAA credit rating from all three major credit rating agencies.
\nDespite the economic recovery being \u201ctemporarily disrupted by recent lockdowns, Fitch Ratings \u201cexpect Australia\u2019s economic recovery to continue\u201d\u00a0<\/i>with\u00a0<\/i>the economy forecast to grow by 4.5 per cent in 2022 compared to a median of 3.6 per cent amongst other AAA rated countries.
\nThis strong economic outlook is expected to see the labour market \u201csnap back rapidly with the unemployment rate forecast to average 4.7 per cent in 2022\u201d which would be the lowest annual rate since 2008.
\nFitch Ratings also noted\u00a0\u201cthe pace of vaccination has accelerated in recent months, allowing a gradual easing in restrictions that will facilitate a strong rebound in consumption from pent-up demand, particularly as households have large accumulated savings to draw down, and targeted fiscal support has remained during the lockdowns.\u201d<\/i>
\nThis fiscal support following the most recent delta outbreak has included $11.1 billion in COVID-19 Disaster Payments to 2.25 million Australians and around $5.2 billion in business support from the Commonwealth.
\nFitch Ratings also expressed its confidence in the Government\u2019s budget management stating it has\u00a0\u201crising confidence in the path of fiscal consolidation and stabilisation of the public debt ratio over the medium-term and the underlying strength of the economic recovery.\u201d<\/i>
\nThe Morrison Government\u2019s economic recovery plan is working, but the job is not done yet. We must stick to the National Plan agreed to at National Cabinet to open up safely and secure our economic recovery.<\/p>\n","protected":false},"excerpt":{"rendered":"
In a clear expression of confidence in the Morrison Government\u2019s economic management, Fitch Ratings have affirmed Australia\u2019s AAA credit rating and upgraded its outlook to stable from negative. Emerging from a once in a century pandemic and the greatest economic shock since the great depression, Australia remains one of only nine countries to maintain a … Continue reading “Fitch upgrades Australia's outlook and affirms AAA credit rating”<\/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-13365","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\/13365","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=13365"}],"version-history":[{"count":0,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/13365\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=13365"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=13365"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=13365"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}