- S&P Global Ratings upgraded its outlook on Australia’s “AAA” sovereign rating to ‘stable’ from ‘negative’
- says the economy has rebounded sharply to above pre-pandemic levels
- thanks to the country’s successful handling of the coronavirus pandemic, massive fiscal and monetary stimulus
- S&P more confident now that the government’s fiscal deficit will narrow toward 3% of gross domestic product during the next 2-3 years after reaching a 10% deficit in the year-ending June 2021
Rising commodity prices for Australia’s exports played a role also.