Australia remains one of only nine nations to hold a AAA credit rating, the country’s Treasurer Josh Frydenberg said after the US-based Fitch Ratings affirmed the OZ economy’s top-tier AAA rating,
Frydenberg tweeted out: "Fitch says we have 'weathered the pandemic well compared with peers' and 'Australia's labor market appears to be on a stable path to recovery, supported by the JobKeeper program’.”
Meanwhile, Australia’s Shadow treasurer Dr. Jim Chalmers said, "the biggest threat to our recovery is Scott Morrison and Josh Frydenberg prematurely declaring victory.”
"(This ignores) the fact that over two million Australians still don't have work or enough work, wages are stagnant, and our economy had become less dynamic and resilient well before the pandemic,” he added.
Market reaction
Amid the upbeat market mood and Fitch Ratings’ announcement, AUD/USD clinched fresh 35-month tops at 0.7908 before easing to near 0.7880 amid a broad US dollar recovery.
The spot was last seen trading at 0.7876, still up 0.11% on a daily basis.
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