Ratings agency S&P Global has put Australia's triple A credit rating on negative watch, saying there had been a 'substantial deterioration' in the nation's finances and the country faced the risk of a deep recession | swrighteconomy
Ratings agency S&P Global has put Australia's triple A credit rating on negative watch, saying there had been a "substantial deterioration" in the nation's finances and the country faced the risk of a deep recession.
Prime Minister Scott Morrison and Treasurer Josh Frydenberg arrive in the House of Representatives this morning to start debate on the government's JobKeeper wage subsidy.S&P said Australia had strong institutions, credible monetary policy and a floating exchange rate which all helped support the country's triple A rating.
S&P said it expects federal and state budgets to deteriorate sharply this year and next with only a recover starting in 2022. The agency believes Australia is already in recession, and forecasts GDP per person to shrink by 6.4 per cent this year and then by another 7.2 per cent in 2021.
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