High fiscal flexibility, underpinned by low public debt and strong fiscal discipline A wealthy, open, and resilient economy and a sound financial system Political stability, strong institutions, and transparency in economic decision-making High current account deficits and high external debt burdens High dependence on mining and agriculture sectors Vulnerable housing market The sovereign ratings on the Commonwealth of Australia reflect the country's ample fiscal and monetary policy flexibility, economic resilience, public policy stability, and its sound financial sector. These strengths are moderated by Australia's high external imbalances, dependence on commodity exports, and the risk of a housing market correction. Like other 'AAA' rated countries, Australia has a highly developed and resilient economy with high per capita income. Australia has one
