MELBOURNE (Standard&Poor's) May 10, 2011-- Standard&Poor's Ratings Services said today that its views on the Commonwealth of Australia's (unsolicited rating AAA/Stable/A-1+) sovereign creditworthiness are not immediately affected by the Labor government's proposed 2012 budget. "The budget broadly continues a strategy of stabilizing the federal government's fiscal position following three successive years of deficits and a rising debt burden," Standard&Poor's credit analyst Kyran Curry said. The budget foresees federal deficits on a cash basis of A$49.4 billion (3.6% of GDP) and A$22.6 billion (1.5% of GDP) in fiscal year 2010-2011 (ending June 30, 2011) and 2011-2012, respectively. The deficits provide for additional spending to enhance transport infrastructure, participation in education and the labor force, as
