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  • Australia one of only nine nations to maintain AAA credit rating worldwide: economy on “stable path to recovery”

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Australia one of only nine nations to maintain AAA credit rating worldwide: economy on “stable path to recovery”

Australia’s AAA credit rating has today been reaffirmed by Fitch, with Australia one of only nine countries to hold a AAA credit rating from all three major credit rating agencies.

In its report, Fitch notes that our economy “has weathered the pandemic well compared with peers”, pointing to Australia’s “successful virus containment” and an “effective fiscal and monetary response consistent with a policy framework that has underpinned the economy’s resilience to shocks over the medium term”.

The report also reaffirms that our economic recovery is well underway, noting that “Australia’s labour market appears to be on a stable path to recovery” and forecast “the positive momentum to persist, with unemployment averaging 6.2 per cent in 2021 and 5.6 per cent in 2022” while acknowledging that temporary government support continues to taper off.

This is underpinned by the creation of around 350,000 jobs in the last four months, the unemployment rate falling to 6.4 percent in January, and 94 per cent of the 1.3 million people who lost their job or were stood down on zero hours at the start of the crisis now back at work.

Fitch forecasts the Australian economy to expand by 3.8 per cent in 2021 and 2.7 per cent in 2022, “driven by robust consumption as households draw down high accumulated savings from government relief measures”.

With the help of the Government’s unprecedented economic support, Australian households and businesses have amassed an additional $240 billion on their balance sheets over the last year. More than $7 billion in tax cuts have also flowed through to around 11.5 million hard-working Australians.

Fitch’s outlook is complemented by the start of Australia’s vaccine rollout, which “should gradually ease these risks over the year and support domestic sentiment”.

With payroll jobs, business and consumer confidence also at pre-pandemic levels, Australia has performed better on the health and economic front than almost any other nation.

Our Economic Recovery Plan continues to support a private sector-led recovery by creating jobs, rebuilding our economy and securing Australia’s future.

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RECEIVE GOVT GRANT OF $10K to $250K*.

Austrade Approved Business Events
AVAILABLE NOW APPLY BEFORE 30th MARCH 2021 (Condition apply)

  • ABF Events are approved and listed below have been certified by Austrade on the Schedule of Approved Business Events.
  • This allows exhibitors, sponsors, delegates and partners to participate in the Business Events Grant Program. Note event bookings need to be confirmed ASAP to participate in the grant program
  • The program provides 50% rebate (based on a minimum spend of $20k) for approved items including ABF event-media packages, exhibition stands, corporate function tables, delegate registrations.
  • Govt Grant applications are now open until the 30 March. Please contact ABF to discuss how we can assist, we have experts to assist grant applications.
  • Grant funding will cover up to 50% of eligible expenditure incurred in participating at pre-approved business-to-business events as buyers or sellers during the 2021 calendar year.  All grant applications must be submitted for approval via the following link: https://business.gov.au/grants-and-programs/business-events-grants
  • For further information please see this fact sheet.