The outlook remains stable.

The factors supporting the rating affirmation include:

1. Robust and stable GDP growth and strong growth potential relative to peers, denoting very high resilience to economic shocks;

2. A moderate, albeit modestly rising, general government debt burden;

3. Strong institutions that preserve macroeconomic and financial stability, although fragmentation in political representation is a hurdle to more effective fiscal consolidation.

The stable outlook on Australia's rating reflects Moody's expectation that, even in the event of shocks, possibly in the housing market and/or to the economy's access to external financing, the resilience of the economy supported by countercyclical macroeconomic policy would allow Australia's credit metrics to remain consistent with a Aaa rating.

Australia's long-term local and foreign-currency bond and deposit ceilings remain at Aaa. The short-term foreign-currency bond and deposit ceilings remain at Prime-1 (P-1).