MELBOURNE (Standard&Poor's) April 21, 2006--Standard&Poor's Ratings Services has today welcomed the announcement by the Australian Treasurer, Peter Costello, that the Commonwealth of Australia has become debt free in net terms. The elimination of net government debt remains consistent with Standard&Poor's 'AAA' sovereign credit rating on Australia. 'AAA' is the highest long-term rating assigned by Standard&Poor's. "Risk to the 'AAA' ratings on Australia still exists, however, by way of the country's high level of external debt," said Standard&Poor's credit analyst Kyran Curry, of the Sovereign&International Public Finance Ratings group. "Nevertheless, the Commonwealth's fiscal position is one of the strongest of all sovereigns rated by Standard&Poor's. In addition
