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While global economic conditions are widely tipped to worsen in 2009 Australia remains well-placed to ride the storm.
Standard & Poor’s yesterday affirmed Australia’s AAA credit rating reflecting its view that our government finances are “sound” and our economy “resilient”.
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While Standard & Poor’s forecast that the government would report a cash deficit of about one per cent of GDP in the 08/09 financial year the ratings agency believes “this deficit does not materially alter the robust profile of the country's public finances”.
Standard & Poor’s also commented that while the slowing economy would increase banks’ problem loans, Australian banks should remain profitable, adequately capitalised and with good asset quality by international standards.
