Sound public sector finances, reflected in low public debt and strong fiscal discipline Prudent monetary polices, which have maintained price stability while promoting growth Political stability, strong institutions, and transparency in economic and fiscal decision making High current account deficits and external private debt Some concentration of exports in the potentially volatile agriculture and mining sectors The ratings on Australia are supported by the country's solid financial profile, strong institutions, and transparent policy environment. The ratings are also bolstered by Australia's 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 economic concentration. Australia has one of the best fiscal positions globally.
