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Australiaâs AAA rating is rock solid
In a world where central banks are actively depreciating their currencies, the RBA is having to play catch-up to ensure Australians are no worse off.
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This was an important message because there had been feverish speculation in the markets that the move to deprive our two largest states of their prized AAA monikers presaged a similar sovereign downgrade.
Philip Lowe has made it clear that an essential input into the sizing of the RBAâs asset purchases will be what other central banks are doing overseas.Â
Ben Rushton
S&P still has Australia on a ânegative outlookâ, which means there is a one-in-three chance it could push the nation down to the AA band in the next couple of years. Our central case has, however, been that Australia will retain its AAA rating. We expected the Victorian downgrade but were surprised by the decision regarding NSW, which we believe S&P will eventually be forced to reverse.