Moody's sees positives in Australian budget

The latest Australian government budget release drew positive comments from Moody's rating agency, who stated that Australia's latest budget shows a commitment to fiscal consolidation, and the budget underscores Australia's overall fiscal strength, lending key support to the country's sovereign credit profile.

Australia's budget, which expects GDP growth of 3% through FY 2019 and remaining steady through the 2021-22 years, as well as a positive revision in government surplus estimates, drew a negative outlook reading from the S&P rating agency.