December 9, 2022

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More on Australia’s outlook upgrade from S&P

1 min read

In brief:

  • 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. 

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