BRIEF-Fitch Revises Outlook on Australia to Stable; Affirms at 'AAA'

* FITCH REVISES OUTLOOK ON AUSTRALIA TO STABLE; AFFIRMS AT 'AAA'

* FITCH SAYS EXPECT AUSTRALIA'S ECONOMIC RECOVERY TO CONTINUE, THOUGH IT HAS BEEN TEMPORARILY DISRUPTED BY RECENT LOCKDOWNS * FITCH SAYS REVISED OUTLOOK ON AUSTRALIA'S LONG-TERM FOREIGN-CURRENCY ISSUER DEFAULT RATING TO STABLE, FROM NEGATIVE, AND HAS AFFIRMED IDR AT 'AAA'

* FITCH SAYS OUTLOOK REVISION REFLECTS RISING CONFIDENCE IN AUSTRALIA'S PATH OF FISCAL CONSOLIDATION AND STABILISATION OF PUBLIC DEBT RATIO OVER MEDIUM-TERM * FITCH SAYS WE ARE MORE CONFIDENT THAT AUSTRALIA'S DEBT RATIO WILL STABILISE OVER MEDIUM TERM

* FITCH SAYS FORECASTS AUSTRALIA'S CURRENT ACCOUNT SURPLUS TO RISE TO 3.8% OF GDP IN 2021, FROM 2.4% IN 2020 * FITCH SAYS BEYOND FY22, WE ANTICIPATE A FASTER PACE OF DEFICIT REDUCTION FOR AUSTRALIA THAN THE FEDERAL GOVERNMENT PUT FORWARD IN ITS MAY 2021 BUDGET

* FITCH SAYS LOCKDOWNS HAVE WEIGHED ON AUSTRALIA'S LABOUR MARKET PARTICIPATION RATE AND HOURS WORKED * FITCH SAYS FORECAST AUSTRALIA'S UNEMPLOYMENT RATE TO AVERAGE AT 4.7% IN 2022

* FITCH SAYS DO NOT EXPECT RATE HIKE UNTIL 2023, AS WE BELIEVE AUSTRALIA'S CENTRAL BANK WILL WANT TO SEE INFLATION FIRMLY IN ITS 2.0%-3.0% TARGET BAND * FITCH SAYS AUSTRALIA'S BANKING SYSTEM IS WELL-POSITIONED TO MANAGE CURRENT SHOCK

* FITCH SAYS DO NOT BELIEVE FEDERAL ELECTIONS, DUE BY MAY 2022, WILL LEAD TO CONSIDERABLE SHIFTS IN AUSTRALIA'S FISCAL PATH * FITCH SAYS FORECASTS HOUSE PRICE GROWTH OF 20% IN 2021 IN AUSTRALIA, BEFORE SLOWING TO AROUND 6% IN 2022 Source text for Eikon:

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