MELBOURNE (Standard&Poor's) May 12, 2009-- Standard&Poor's Ratings Services said that tonight's Commonwealth Budget is consistent with its 'AAA' long-term foreign and local currency sovereign credit ratings on Australia. The 'AAA' rating is the highest rating assigned by Standard&Poor's. The government is forecasting fiscal deficits on a cash basis of 2.7% of GDP in the fiscal year ending June 30, 2009, 4.9% in 2010 and 4.7% in 2011—due to a cyclical weakening in revenue and counter-cyclical stimulus measures. It also estimates the additional borrowings required to fund the deficits to be A$110.6 billion by 2011. "We believe the deficits and associated borrowings do not alter the sound profile of the country's public finances. This is
