SYDNEY: Australian Treasurer Wayne Swan Saturday welcomed a decision by ratings
agency Fitch to affirm the country's AAA credit rating, days after his mid-year
economic review lowered this year's growth forecast.
The affirmation overnight of the
AAA rating with a stable outlook comes after the government last week cut its
growth and budget surplus forecasts as worsening global conditions hurt
revenues in the mining-driven economy.
"We manage our economy in
the interests of working people and we've had a big tick from the rating
agencies overnight," Swan told reporters.
In a mid-year economic review
released Monday, Swan said real GDP growth was forecast at 3.0 per cent this
fiscal year -- from 3.25 per cent predicted in May -- and shaved the budget
surplus back to A$1.1 billion (US$1.13 billion).
"Coming just days after our
mid-year Budget update, Fitch's confirmation of our AAA status is yet another
validation of the government's fiscal settings which sit amongst the most
impressive in the world," he said in a statement Saturday.
"Our rock solid economic
fundamentals have proved resilient against challenging global headwinds, and
while we are not immune from what happens overseas, we have every reason to be
confident about our economy's prospects well into the future."
Australia dodged recession during
the global downturn due to the relative resilience of Asia -- a crucial market
for its resources exports -- along with a series of government stimulus
packages.
It is among a handful of nations
with top credit ratings with a stable outlook from the world's three major
credit ratings agencies.
Fitch said the 'AAA' ratings
reflected Australia's fundamental credit strengths, including a credible
macroeconomic policy framework with room for flexibility and strong standards
of governance.
- AFP/ck
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