This report supplements our research update "Ratings On Australia Affirmed At 'AAA/A-1+' On Monetary And Fiscal Flexibility; Outlook Remains Stable," published on July 18, 2013. To provide the most current information, we may cite more recent data than that stated in the previous publication. These differences have been determined not to be sufficiently significant to affect the rating and our main conclusions. The unsolicited ratings on the Commonwealth of Australia benefit from the country's significant fiscal and monetary policy flexibility, economic resilience, and public policy stability. We believe these factors provide Australia with a strong ability to absorb large economic and financial shocks, as was demonstrated during the global recession in 2009. Moderating these strengths are Australia's high external imbalances,
