THE HON JOSH FRYDENBERG MP
21 September 2018
AAA CREDIT RATING REAFFIRMED BY S&P
Australia’s AAA credit rating has been reaffirmed by Standard & Poor’s (S&P) in a strong expression of confidence in the Government’s economic management.
In its report, S&P noted our “fiscal prudence” and our “better budget performance”.
Today’s report by S&P removed the negative outlook on our rating and confirmed Australia as one of only 10 countries which has a AAA credit rating with all three major ratings agencies.
The latest National Accounts showed that the economy grew by 3.4 per cent through the year to the June quarter of 2018, which is the fastest rate of growth since the height of the mining investment boom in 2012 and significantly faster than the average rate of growth in the OECD.
Australia’s strong economy is delivering strong jobs growth. Over the 2017-18 financial year the Australian economy saw almost 350,000 jobs created, the strongest of any financial year since 2004-05, and there are now more than 1 million additional people in work than when we came into office five years ago.
We have managed to achieve these strong results at the same time as we are funding critical essential services like Medicare, the NDIS and caring for older Australians. We are also providing legislated tax relief under both our personal income and enterprise tax plans. This is enabling people to keep more of their hard earned money and enabling businesses to grow and employ more Australians.
The announcement today will give a further boost to confidence in the economy where business conditions are already well above historical averages which is translating to ongoing investment and employment growth.
Our strong economic performance and the important reforms we are undertaking would all be put at risk by a Shorten led Labor Government and its high tax and spend agenda.