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Fitch Affirms Australia, Keeps Negative Outlook

AUSTRALIA

Fitch has affirmed Australia at AAA; outlook negative. The ratings agency highlighted Australia's strong institutions and effective policy framework and said the Australian economy has weathered the pandemic well compared with peers.

  • Fitch says: "We forecast the economy to expand by 3.8% in 2021 and 2.7% in 2022, driven by robust consumption as households draw down high accumulated savings from government relief measures. Policy settings are set to remain accommodative, although we project the bulk of fiscal stimulus has now passed. Risks remain tilted to the downside".
  • On fiscal deficits Fitch estimates a general government deficit of 7.3% against a 2020 AAA median deficit of 4.9%. The 2021 deficit is forecast to fall to 6.4% against a AAA median of 2.8%. It should be noted that these figures are actually slightly more optimistic than the government's own forecasts in its Mid-Year Economic and Fiscal Outlook.

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