Senate debates

Wednesday, 15 May 2013

Questions without Notice


3:04 pm

Photo of Penny WongPenny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Hansard source

I thank Senator Sinodinos for his question. Standard and Poor's, 14 May 2013:

… the government continues to demonstrate a commitment to prudent fiscal policy over the medium term …

It referred to 'the low level of public debt in Australia' and went on:

We continue to consider the Australian government’s fiscal position to be a key rating strength … public debt will remain low despite some modest additional borrowing in the next few years … The stable outlook reflects our view that Australia’s public finances will continue to withstand potential adverse financial and economic shocks …


Australia's relatively low level of government debt has been one of the factors supporting the AAA rating.


Australia's low sovereign debt ratios means the sovereign has begun its fiscal consolidation from a position of strength and has headroom to reduce its deficit more slowly than many other advanced economies …The budget does not have any implications for the rating.

Thank you very much.


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