Australia’s Gold-Plated AAA Credit Rating Safe
Australia's AAA credit rating is safe and secure and the nation's economic condition couldn't be more different to the US.
The first time in history the US rating has been relegated. Standard & Poor's(S&P) recently downgraded its credit rating for the US from AAA to AA+.
"Australia's gold-plated AAA-rating is safe and secure. Australia had known for some time the US faced an extensive and sore adjustment to get its budget back on a sustainable medium-term footing," said Australian Treasurer Wayne Swan.
"It's not that Australia has been immune from events in the rest of the world, it's just Australian economy's fundamentals have remained strong," added Mr. Swan.
Australia's net debt is expected to peak at less than one-tenth of the most advanced economies in the world.