Labor Defends AAA Credit Rating Amid S&P Downgrade Warning

He argued Labor had not only shown enthusiasm for responsible economic management but had built a strong track record.

Australian Treasurer Jim Chalmers (L) speaks to the media during a press conference as Prime Minister Anthony Albanese looks on at Parliament House in Canberra, Australia, on Feb. 28, 2023. AAP Image/Lukas Coch

A day after S&P Global Ratings warned Australia’s prized AAA credit rating could be at risk from election spending promises, Treasurer Jim Chalmers said there was no reason to lose it if Labor is re-elected.

“The ratings agency should be very pleased, very reassured with the progress that we’ve made in the budget in just three years in office,” Chalmers said in a press conference on April 29.