S&P affirms Australia's credit ratings

International credit rating agency S&P Global has affirmed Australia’s long-term credit ratings at AAA. Stating that Australia’s improving fiscal balance supports its credit ratings, S&P announced that they project the overall government deficit to be less than 2 percent of GDP between 2023 and 2026, and that the central government debt-to-GDP ratio will remain around 30 percent over the same period. Affirming its short-term credit ratings at A-1+, S&P Global maintained the outlook of its long-term ratings as “stable.”