Economic Buzz: Fitch Ratings Affirm Australia Sovereign Ratings At AAA

Fitch Ratings affirmed the sovereign ratings of Australia with a stable outlook on Wednesday. The rating agency said Australias AAA rating is underpinned by strong governance, high income levels, and a track record of macroeconomic stability. Fitch noted that the effective policy-making framework has supported the nation to log 26 consecutive years of GDP growth without a recession, despite substantial external, financial and commodity price shocks during this period. Fitch projected a moderate acceleration in GDP growth to 2.7 percent in both 2018 and 2019, above the AAA median. Monetary policy is forecast to remain accommodative and supportive of growth over the next two years in the absence of significant wage growth or inflationary pressures.