S&P cut Australia outlook to negative from stable
Rating is AAA still.
This is not wholly unexpected from S&P
AUD down a few pips on the announcement
S&P cite:
- reflects substantial deterioration of Australia’s fiscal headroom
More:
- large Australian budget deficits likely to be temporary
- virus a severe economic c and fiscal shock
- government deficit to average 7.5% of GDP in 20/21
- annual growth to fall to 1.3% in FY 2020