Australia’s AAA credit rating has been reaffirmed by Fitch in an expression of confidence in the Morrison Government’s handling of the coronavirus crisis and its demonstrated record of economic management and in the words of Fitch “commitment to fiscal prudence.”
In its report, Fitch notes that Australia’s “effective macroeconomic policy framework, has supported a long record of stable economic growth prior to the current exogenous shock” and that “substantial fiscal and monetary policy stimulus” has been put in place “which should soften the shock and support the economic recovery.”
Chair of the House of Representatives Tax and Revenue Committee, Jason Falinski MP says this confirms the Liberal Federal Government’s record of strong economic management despite the challenges of COVID-19.
“Fitch’s action, in reaffirming our AAA rating, is a reminder of the importance of maintaining our commitment to medium term fiscal sustainability.” Mr Falinski said.
“Disciplined economic and budget management which helps return us to surplus allows the Federal Government to support Australians financially. Especially during times of crisis, as we are seeing today.”
“Our measures are temporary, targeted and proportionate to the challenge we face and will ensure Australia bounces back stronger on the other side.”