‘Return to deficit': Labor's election victory brings further AAA rating concerns
In the week before the election, the ratings agency S&P Global warned both political parties about the risk to Australia's AAA credit rating because of their spending promises.
The election has been comprehensively won by the Albanese government.
Fitch Ratings Sovereigns Director Jeremy Zook joined Sky News Business Editor Ross Greenwood to go over economic reforms with a renewed Labor government.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


West Australian
27 minutes ago
- West Australian
PM unveils summit to lift lagging productivity
An economic summit will bring together business, union and other leaders in a bid to lift Australia's lagging productivity. Prime Minister Anthony Albanese announced a productivity roundtable would be held in August to shape ways to grow the economy during his second term in office. Leaders from civil society will be invited to attend the summit alongside industry and union representatives. "We want to build the broadest possible base of support for further economic reform, to drive growth, boost productivity, strengthen the budget and secure the resilience of our economy in a time of global uncertainty," Mr Albanese said in a speech at the National Press Club on Tuesday. "What we want is a focused dialogue and constructive debate that leads to concrete and tangible actions." Experts have expressed concern about Australia's lagging rate of productivity, a key economic measure of efficiency and long-term driver of improved living standards. Mr Albanese said he wanted to see a boost to productivity, alongside other economic indicators. "We want to build an economy where growth, wages and productivity rise together," he said. "The starting point for our government is clear. Our plan for economic growth and productivity is about Australians earning more and keeping more of what they earn." The prime minister also announced Jenny Wilkinson would become the first female Treasury secretary. Ms Wilkinson, who currently heads up the Finance Department, will replace Steven Kennedy, who will become the country's most senior public servant as head of the Department of the Prime Minister and Cabinet. "These outstanding public servants will continue to excel in their service to our nation," Mr Albanese said.

Sky News AU
44 minutes ago
- Sky News AU
PM touts ‘progressive patriotism' agenda at National Press Club address
Prime Minister Anthony Albanese says Labor has secured a 'mandate to act' in his first National Press Club address since his re-election, outlining the party's second-term agenda. 'On the third of May, the Australian people voted for Australia for fairness aspiration and opportunity for all, for a progressive patriotism where we are proud to do things our own way,' Mr Albanese said. 'Our government has secured a mandate to act – our tax cuts are already legislated despite the Liberals and the Nationals voting against them, and when the parliament sits next month, the first piece of legislation we will introduce will cut student debt by 20 per cent.'

Sky News AU
an hour ago
- Sky News AU
LA Mayor ‘blatantly encouraged' protesters in anti-ICE riots
Sky News host James Macpherson has accused Los Angeles Mayor Karen Bass of 'blatantly encouraging' protesters in the LA anti-ICE riots. 'Trump's had to send in the National Guard because the mayor of Los Angeles, she has blatantly encouraged this,' he said. This comes after US President Donald Trump ordered 2,000 National Guard troops to the streets of Los Angeles amid chaotic protests following a series of immigration raids."