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Moody's: Australian economy will stay resilient

Wednesday, Apr 20 2016

Moody's Investors Service says that credit fundamentals in Australia (Aaa stable) remain robust, with moderate gearing in the corporate sector, a resilient banking sector, and sound macroeconomic trends all providing support. However, subdued commodities prices are beginning to challenge some sectors of the economy and some states. Moreover, risks related to elevated property prices and Australia's dependence on external financing remain.

"Australia's key economic metrics—including GDP growth and unemployment—will continue to outperform most developed economy peers," says Marie Diron, a Moody's Senior Vice President for the Sovereign Risk Group. "However, government debt will rise from around 35% of GDP for the fiscal year ended 30 June 2015 to 38% of GDP in the fiscal year ended 30 June 2018, which will limit the government's room to buffer against potential negative shocks through fiscal easing," adds Diron

Aussie is currently being traded around 0.7770 area. Pair is likely to find support around 0.77 handle and resistance above 0.78 level. Later today, in the US session, Existing Home Sales figures are scheduled for a release.

More in this category: « Housing Starts decreased by 8.8% German PPI rose by 0.2% »

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