While much of the rest of the developed world is in financial trouble Standard & Poor’s has affirmed Australia’s long-term AAA credit rating, citing our economic resilience, public policy stability and sound financial sector.
Standard & Poor’s credit analyst Kyran Curry said Australia had ample fiscal and monetary policy flexibility, economic resilience, public policy stability and a sound financial sector.
“These factors demonstrate Australia’s strong ability to absorb large economic and financial shocks, such as the global recession in 2009,” Mr Curry said.
Moderating that strength were Australia’s reliance on money borrowed from overseas and commodity income to fund growth, high household debt and pressures associated with an ageing population, he said.
Australia’s economic growth rate was likely to return to its long-term rate of 3.5 per cent a year by 2013, Standard & Poor’s said.
When you think about it we are really a very lucky country with many good years ahead of us. It’s a country of opportunity.
What are you planning to do to take advantage of the opportunities ahead of you?
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