Original article by John Kehoe, Phillip Coorey
The Australian Financial Review – Page: 1 & 6 : 24-Jun-20
Moody’s Investors Service expects the Australian economy to contract by five per cent in 2020 due to the impact of the coronavirus pandemic. Moody’s notes that the fall in GDP growth will be lower than many other developed nations, and it expects Australia to return to positive growth in 2021. Moody’s has also affirmed Australia’s AAA credit rating; rivals S&P Global Ratings and Fitch have previously placed the nation’s credit rating on negative outlook, but Australia is only one of 10 nations that have an AAA rating from all three agencies. Treasurer Josh Frydenberg has described this as an "expression of confidence" in the federal government’s handling of the health crisis.
MOODY’S INVESTORS SERVICE INCORPORATED, S&P GLOBAL RATINGS, FITCH RATINGS LIMITED, AUSTRALIA. DEPT OF THE TREASURY