Aussie smacked as S&P warns on Budget

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Fresh from the WSJ, Standard & Poor’s Ratings has warned again (following the RBA) that the Australian budget could be downgraded in the event of an economic shock:

Australia’s budget outlook has weakened sharply in the last six months as commodity prices have plunged, said S&P’s sovereign analyst Craig Michaels.

…”we will still be looking to see ongoing restraint in spending growth,” Mr. Michaels said.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.