Australia awarded Fitch AAA
Australia has been awarded an AAA credit rating from Fitch, meaning that Australia now holds the top rating from all three ratings agencies for the first time.
Fitch upgraded Australia’s key credit rating to AAA from AA+, with Australia being just one of 15 countries to hold the top rating.
The OECD has echoed Fitch’s confidence in the Australian economy after the organisation published its Annual Global Outlook, finding that Australia is well positioned to deal with future economic uncertainty, bolstered by high employment rates, strong investment and a booming resources sector.
The announcement by Fitch comes as the Federal Government has released its Mid-Year Economic and Fiscal Outlook (MYEFO), detailing an estimated $20 billion blowout to the budget caused by a continued deterioration in global finances.
“Global economic and financial conditions have deteriorated markedly in recent months, and the risks to global stability from the European sovereign debt crisis have intensified. Global growth prospects have been downgraded markedly in 2012, with the euro area expected to return to recession,” Treasurer Wayne Swan said.