Australian Prime Minister Anthony Albanese has downplayed concerns regarding election spending promises potentially impacting the country’s AAA sovereign credit rating, despite S&P Global analysts warning of risks due to high public spending. Both major parties are making significant spending pledges to address cost-of-living issues ahead of the May 3 election, with Albanese defending his government’s economic management and noting a shift from a $78bn deficit to a $2bn surplus. S&P report authors highlighted the lack of interest from either party in raising taxes to fund their plans, raising questions about sustainable fiscal strategies.
