Fitch affirms Australia at "AAA" with stable outlook

Ratings agency Fitch affirmed Australia's long term Foreign-Currency Issuer Default Rating (IDR) at 'AAA' with a stable outlook on Friday. Fitch forecast Australia's GDP growth would slow to 1.5% in 2023 from 3.9% this year due to high inflation, rising interest rates and a subdued global outlook. The ratings agency expects Australia's inflation to peak at 7.8% in the fourth quarter, and fall to 3.5% by the end of 2023.

Ratings agency Fitch affirmed Australia's long term Foreign-Currency Issuer Default Rating (IDR) at 'AAA' with a stable outlook on Friday. Fitch forecast Australia's GDP growth would slow to 1.5% in 2023 from 3.9% this year due to high inflation, rising interest rates and a subdued global outlook.

The ratings agency expects Australia's inflation to peak at 7.8% in the fourth quarter, and fall to 3.5% by the end of 2023. Australia's central bank is expected to raise its cash rate by 25 basis points in its next two meetings to a terminal level of 3.35% from 0.1% in May 2022, Fitch said.