Thumbs up from S&P for Aussie Budget

International ratings agency Standard & Poor's said Australia's 2007/08 budget was consistent with the country's triple-A credit rating.

"We see this Budget as being a continuation of the Government's maintenance of a sound fiscal position.

"It's consistent with a triple-A credit rating," said Kyran Curry, associate director, sovereign and public ratings at S&P.

"We think it's important the Government maintain a strong fiscal position, such as what's being delivered tonight.

[It will] offset some of the weaknesses that we see Australia, including, and it's the same sorts of things, the high current account deficit and Australia's high private external debt."

- REUTERS