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Financial News: Fitch Affirms Australia's Sovereign Rating At 'AAA'

Fitch Affirms Australia's Sovereign Rating At 'AAA'

10/27/2019 - 23:45:00 (RTTNews)

(RTTNews) - Fitch Ratings maintained Australia's sovereign ratings at 'AAA' with stable outlook, on Monday.

The agency said the rating is supported by its flexible policy framework that underpin positive economic growth amid substantial external, financial and commodity-price shocks, and credible commitment to fiscal consolidation.

Fitch forecast the federal surplus to trend slightly upward, reaching 0.3 percent by fiscal year ending June 2021 and the general government deficit to decline to 0.5 percent of GDP by fiscal year 2021.

Despite slowing this year, the agency expects GDP growth to improve to 2.3 percent in 2020 driven by housing market stability and consumption.

Further, the Reserve Bank of Australia is forecast to remain on hold through 2021 to support economic growth and employment.

However, Fitch noted that household debt of Australia, at 191.1 percent of disposable income in the second quarter of 2019, is among the highest of 'AAA' rated sovereigns and poses an economic and financial stability risk in the event of a shock.

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