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Australian Treasury
In a resounding expression of confidence in the Morrison Government’s economic management S&P have affirmed Australia’s AAA credit rating and revised up its credit outlook to stable from negative, praising the “government’s swift and decisive fiscal and health response” and “strong economic recovery”.
Australia remains one of just nine countries to hold a AAA credit rating from the three major rating agencies.
In its report S&P states: “the government’s policy response and strong economic rebound have reduced downside risks to our economic and fiscal outlook for Australia. As a result, we are revising the outlook to stable and affirming our ‘AAA/A-1+’ long- and short-term local and foreign currency ratings”.
Analysts said a cut in the GDP growth forecast for FY22 is all likely. To give growth a chance, the six-member MPC is expected to maintain the status quo on the policy rate and maintain an accommodative stance, despite the prevailing inflation worries, they said.