{"id":7063,"date":"2020-06-25T05:51:31","date_gmt":"2020-06-25T05:51:31","guid":{"rendered":"http:\/\/www.16news.com.au\/?p=7063"},"modified":"2020-06-25T05:51:31","modified_gmt":"2020-06-25T05:51:31","slug":"australias-aaa-credit-rating-and-stable-outlook-reaffirmed-by-moodys","status":"publish","type":"post","link":"http:\/\/www.16news.com.au\/index.php\/2020\/06\/25\/australias-aaa-credit-rating-and-stable-outlook-reaffirmed-by-moodys\/","title":{"rendered":"Australia\u2019s AAA Credit Rating And Stable Outlook Reaffirmed By Moody\u2019s"},"content":{"rendered":"
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\nMoody\u2019s has today reaffirmed Australia\u2019s AAA credit rating and maintained the stable outlook supported by the \u201cunderlying resilience of the economy\u201d and our \u201ctrack record of proactive and effective policymaking.\u201d
\nIn its report, Moody\u2019s notes that Australia\u2019s \u201cdiversified economy, adaptable labour markets and flexible exchange rate\u201d will continue to support growth while our \u201cfiscal strength will remain broadly resilient\u201d supported by \u201csound institutions with track records of responding effectively to shocks\u201d.
\nToday\u2019s report confirms Australia has maintained a AAA credit rating from all three major ratings agencies in an expression of confidence in the Morrison Government\u2019s handling of the coronavirus crisis.
\nMoody\u2019s notes that \u201cthe fall in GDP is smaller than in other advanced economies\u201d with \u201cthe resilience of the Australian economy supporting a return to positive growth next year.\u201d
\nWe are not through this crisis yet but with restrictions starting to ease, there are encouraging signs across the economy. Consumer confidence increased for nine consecutive weeks after the announcement of JobKeeper recovering around 93 per cent of the fall from mid-March. Business confidence rose in May and has recovered around 70 per cent of its record fall in March.
\nAustralia entered this crisis from a position of economic strength which in the words of Moody\u2019s provided \u201cscope for the government to implement very large fiscal policy support packages.\u201d
\nThe Morrison Government\u2019s economic response to the Coronavirus crisis is providing $260 billion or 13.3 per cent of GDP in support for workers, households and business.
\nThis unprecedented level of support reflects the unprecedented moment that we find ourselves in.
\nMoody\u2019s action today, in reaffirming our AAA rating and stable outlook, is a reminder of the importance of maintaining our commitment to medium term fiscal sustainability.
\nOur disciplined economic and budget management saw the Federal Budget return to balance for the first time in 11 years and the Budget was on track to achieve a surplus in 2019-20 before the COVID-19 outbreak.
\nOur measures are temporary, targeted and proportionate to the challenge we face and will ensure Australia bounces back stronger on the other side, without undermining the structural integrity of the Budget which Australians have worked so hard to restore.\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<\/div>\n