Treasurer Welcomes Renewal of Australia’s AAA Credit Rating Amid Challenging Economic Conditions

Australian Treasurer Jim Chalmers speaks during a press conference in Brisbane, Australia, on July 22, 2022. Dan Peled/Getty Images

Australian Treasurer Jim Chalmers has said that the renewal of Australia’s AAA credit rating by rating agency Standard and Poor’s (S&P) proves the effectiveness of the Albanese government’s “responsible economic management” in the previous year.

On Jan. 30, S&P Global announced that Australia had retained its AAA credit rating while expecting the country to avoid a recession despite the worrying global economic trend.