FOREX TradingCharts.com

Financial News: S&P Upgrades Australia's Sovereign Rating Outlook

S&P Upgrades Australia's Sovereign Rating Outlook

09/21/2018 - 00:45:00 (RTTNews)

(RTTNews) - S&P Global Ratings raised Australia's sovereign rating outlook as the agency expects the federal budget balance to return to surplus by early 2020s.

The credit ratings of the nation was affirmed at 'AAA' and the outlook was revised up to 'stable' from 'negative'.

"We expect steady government revenue growth supported by the strong labor market and relatively robust commodity prices, to be accompanied by expenditure restraint," S&P said Friday.

The agency expects property prices to continue their orderly unwind, and that this slowdown would not weigh heavily on consumer spending and the financial system's asset quality.

According to S&P's assessment, the Australian government has significant revenue flexibility to achieve budget surplus in 2020 based on its track record of raising general government revenue faster than the growth of nominal GDP.

The government currency estimates a balanced budget by fiscal 2020, a year ahead of its earlier expectations. Nevertheless, large infrastructure spending at the state government level is to likely keep the general government balance negative till fiscal 2021, S&P noted.

The rating agency observed that along with its strong institutions, a credible monetary policy, and floating exchange-rate regime, Australia's public finances traditionally have been a credit strength for the sovereign rating.

"We also consider the Australian government to have more willingness and ability to raise revenue than most other sovereigns," said S&P.

S&P forecasts net general government debt to peak at close to 23.3 percent of GDP in the fiscal year ending June 30, 2020. The headline GDP growth is seen at around 3 percent in fiscal 2019.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2018 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Belgium Consumer Confidence At 6-month High (24 min(s), 03 sec(s) ago)
(RTTNews) - Belgium's consumer confidence advanced to a six-month high in October after deteri ...Full Story»

U.S. Existing Home Sales Plunge To Nearly Three-Year Low In September (51 min(s), 03 sec(s) ago)
(RTTNews) - After a month of stagnation in August, the National Association of Realtors released a ...Full Story»

Dutch Consumer Confidence Weakens For Third Month (03 hr(s), 39 min(s), 03 sec(s) ago)
(RTTNews) - Dutch consumer confidence eroded for a third straight month in October, as households& ...Full Story»

Hong Kong Unemployment Rate Steady At 20-year Low (05 hr(s), 16 min(s), 03 sec(s) ago)
(RTTNews) - Hong Kong's unemployment rate was unchanged for a fifth straight month in Septembe ...Full Story»

Eurozone Current Account Surplus Rises In August (05 hr(s), 40 min(s), 03 sec(s) ago)
(RTTNews) - Euro area current account surplus increased in August from the previous month, prelimi ...Full Story»

UK Sep Budget Deficit Lowest Since 2007 (06 hr(s), 28 min(s), 03 sec(s) ago)
(RTTNews) - The UK budget deficit reached its lowest September level in 11 years, data from the Of ...Full Story»

China's Q3 GDP Growth Weakest Since 2009 (07 hr(s), 03 min(s), 03 sec(s) ago)
(RTTNews) - China's economy grew at the slowest pace since the global financial crisis in 2009 ...Full Story»

European Economics Preview: UK Public Sector Finance Data Due (09 hr(s), 43 min(s), 03 sec(s) ago)
(RTTNews) - Public sector finances from the UK and current account from euro area are due on Frida ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Belgium Consumer Confidence At 6-month High

10/19/2018 - 10:53 AM (RTTNews)
(RTTNews) - Belgium's consumer confidence advanced to a six-month high in October after deteri ...Full Story>>

U.S. Existing Home Sales Plunge To Nearly Three-Year Low In September

10/19/2018 - 10:26 AM (RTTNews)
(RTTNews) - After a month of stagnation in August, the National Association of Realtors released a ...Full Story>>

Dutch Consumer Confidence Weakens For Third Month

10/19/2018 - 07:38 AM (RTTNews)
(RTTNews) - Dutch consumer confidence eroded for a third straight month in October, as households& ...Full Story>>

Hong Kong Unemployment Rate Steady At 20-year Low

10/19/2018 - 06:01 AM (RTTNews)
(RTTNews) - Hong Kong's unemployment rate was unchanged for a fifth straight month in Septembe ...Full Story>>

Eurozone Current Account Surplus Rises In August

10/19/2018 - 05:37 AM (RTTNews)
(RTTNews) - Euro area current account surplus increased in August from the previous month, prelimi ...Full Story>>

Binary Options Articles Courtesy of NADEX

These pages, and all content ©TradingCharts.com Inc and other copyright holders. Permission is not granted to redistribute charts, data, news or other information found on this site, in any manner. Although it is believed that information provided is accurate, TradingCharts will not accept liability for any loss or damage that may arise from use of the content, inability to access the website, or delay or failure of receive of any information provided through this site.