Cripes, just get on with it already, via the AFR:
S&P believes the path to a balanced budget will be elusive for quite some time. Moreover, according to S&P’s director sovereign and international public finance ratings, Craig Michaels, “the government’s fiscal credibility is coming into question.”
For Michaels the federal government has to maintain prudent, conservative and credible policies, but the big question is how it intends doing this through the political process. He says the upcoming mini-budget and next year’s budget look as though the government will not make much progress and it’s likely the nation’s credit rating will be downgraded.
