The unsolicited ratings on the Commonwealth of Australia are based on our view of the country's strong public policy settings, economic resilience, and significant monetary and fiscal policy flexibility. We believe these factors enable Australia to absorb large economic and financial shocks, as was demonstrated during the global recession in 2009. Australia's high external imbalances, dependence on commodity exports, and high household debt moderate these strengths. Australia is a wealthy economy, with GDP per capita of an estimated US$60,000 in fiscal 2015. This high level of wealth derives from decades of economic reform and reflects the country's diverse economic structure and flexible labor and product markets. Economic growth remains subdued as drivers of growth rotate from mining investment to nonmining
