MELBOURNE (Standard&Poor's) May 8, 2012--Standard&Poor's Ratings Services said today that the Labor government's proposed 2013 budget will have no immediate effect on its ratings on the Commonwealth of Australia (unsolicited rating AAA/Stable/A-1+). "The federal government's budget strategy is to stabilize its fiscal position during the fiscal year ending June 30, 2013, following four successive years of deficits and a rising debt burden," said Standard&Poor's credit analyst Kyran Curry. "Restoring the government's strong fiscal settings through a forecast return to surpluses over the cycle and maintaining low debt will provide flexibility to respond to large economic and financial shocks, and is consistent with maintaining the 'AAA' rating on Australia. However, this strategy relies on an
