8 years, 8 months ago

Election gridlock behind Standard & Poor's negative ratings action

Ratings agency Standard & Poor's said Australia's parliamentary gridlock was behind its decision to downgrade the country's credit rating outlook. S&P's demands budget balance by early 2020s Anthony Walker said the agency will be keeping a close eye on the legislature, to see if a cut is warranted in the coming six to twelve months. The agency said it was also concerned by the Federal Government's predictions for the iron ore price, which it forecast at $US55 per tonne in the last budget. S&P's expects the iron ore price to be almost $US20 per tonne below this figure, and the Government's own resources forecasting agency has now also lowered its expectations.

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