Australia's AAA Credit Rating Stable Amid Election Spending Promises

Australian Prime Minister Anthony Albanese and Treasurer Jim Chalmers have dismissed concerns raised by S&P Global Ratings that election spending promises could threaten Australia's AAA credit rating. Both leaders emphasized their record of responsible economic management, noting that new spending commitments are fully offset by budget savings and improvements, including cuts to consultant usage and higher student visa fees. Government figures show that the budget's bottom line would actually be strengthened over four years, despite pledges for cost-of-living relief, healthcare, and housing. Albanese highlighted the delivery of two budget surpluses during Labor's tenure, reinforcing their commitment to fiscal discipline. S&P's warning comes amid high public spending by both major parties in the run-up to the May 3 election, but the government insists that their measures maintain the nation's prized creditworthiness.