Reuters with headlines from S&P:

  • Ratings on Australia affirmed at 'AAA/A-1+' on monetary and fiscal flexibility; outlook remains stable
  • Stable outlook based on assumption that Australia's conservative budgetary policies will result in consistently narrowing deficits
  • Economic growth remains subdued as drivers of growth rotate from mining investment to nonmining sectors
  • Expects general government sector's budget balance to post small and declining deficits as share of GDP over the years to 2018
  • The risks associated with Australia's high private-sector external debt are manageable
  • "Could lower the ratings if Australia's budgetary performance does not improve broadly as we currently expect"