Australia’s two largest states lost their ratings from agency S&P as both borrowed heavily to spend their way out of the downturn caused by COVID-19. “They [governments] are spending a lot of money going into a lot of debt to fix and maintain economies and infrastructure spending in particular,” Mr Phillips told Sky News.
“This is a tough one to get back but it’s not super relevant other than for bragging rights.” Mr Phillips said that it’s probably at the “toss of a coin” whether Australia loses its AAA status federally. “But what’s far more important is the government does the right things the right way to get the economy back on track,” he said. “A rating downgrade simply doesn’t have the impact it used to.”
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