Local rating re-affirmed
Australia’s credit rating has been affirmed by Moody’s.
Australia remains among just ten countries around the world to receive a ‘AAA’ rating from one of the three major ratings agencies.
Treasurer Jim Chalmers says the affirmation is a result of the new ALP government policies after just a few weeks in office.
He said the government has been validated in its focus on “quality spending to generate broader, more inclusive and more sustainable economic growth”.
“We welcome Moody’s decision to reaffirm Australia’s AAA credit rating, as we work to build a Budget and an economy as resilient, robust and forward-looking as the Australian people,” Mr Chalmers said.
He noted that when Australia received its first ‘AAA’ rating, it was also led by a Labor government.
Moodys said the rating was maintained by reforms to enhance federal productivity, efforts to lift women’s workforce participation through child care and gender pay equity, as well as investment in skills and training, infrastructure, innovation and energy technology.
“[The government has to] address the serious challenges we have inherited – including high and rising inflation, rising interest rates, falling real wages and a budget heaving with a trillion dollars of Liberal debt,” Mr Chalmers added.
“We welcome Moody’s decision to reaffirm Australia’s ‘AAA’ credit rating, as we work to build a budget and an economy as resilient, robust and forward-looking as the Australian people.”
Deputy opposition leader Sussan Ley says the new federal government is wrong to claim credit for the economic achievements of its LNP predecessors.