Strong public sector finances, with very low debt and a commitment to ongoing fiscal discipline. Strong institutions and transparent, orthodox, policy environment. Resilient and competitive economy has delivered strong economic growth prospects. Structural private-sector saving-investment imbalance results in persistent current account deficits, which in turn has led to high levels of net external debt. Some economic concentration in potentially volatile mining and agriculture sectors. On June 9, 2004, Standard&Poor's Ratings Services affirmed its 'AAA/A-1+' ratings on Australia. The ratings on the sovereign are supported by its substantial fiscal flexibility, strong institutions and transparent policy environment, and resilient and competitive economy that is underpinned by past structural reforms. These strengths are partly offset by a high level of private-sector
