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Australia has retained its triple-A credit rating from S&P Global, with the federal budget's property tax changes and proposed cuts to the NDIS highlighted as reasons for the nation's strong fiscal position.
Australia retains its triple-A credit rating from S&P Global, with the federal budget's property tax changes and proposed cuts to the NDIS highlighted as reasons for the nation's strong fiscal position.
The budget contained reforms to negative gearing, capital gains tax and trusts that are expected to raise more than $80 billion in revenue over the coming decade. Cuts to the NDIS are forecast to save up to $230 billion over the same period. S&P noted that the budget was in a strong position, with Labor's changes likely to improve the bottom line.
The agency also noted that Australia had modest public debt by international standards, although it said state government debt was climbing. It believes the government's commodity price forecasts are conservative, suggesting the deficit may be smaller than forecast. While relatively upbeat about the budget, the agency noted that economic growth is likely to slow in the coming year as the Reserve Bank holds interest rates relatively high.
Australian consumers are sensitive to interest rate movements, and the agency anticipates contractionary policy to gradually squeeze household cash flows and spending power. Treasurer Jim Chalmers said the retention of the credit rating was a 'powerful endorsement' of the government's budget policy, noting only nine nations had the highest rating from the world's three key credit agencies.
Shadow treasurer Tim Wilson confirmed the Coalition would repeal all three key tax measures in the budget, saying they were hurting the economy and hitting 'those who are backing themselves to get ahead'
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