Strong public sector finances, with very low debt and a commitment to ongoing fiscal discipline. Strong institutions and transparent, orthodox, policy environment. A 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 the potentially volatile mining and agriculture sectors. The ratings on the Commonwealth of Australia are supported by its solid financial profile, strong institutions, and transparent policy environment. Ratings are also bolstered by the resilient and competitive economy, which is underpinned by past structural reforms. These strengths are partly offset by the high level of private-sector external indebtedness and a degree of
