Not us personally.here you go !! +++
Ratings agency Fitch has awarded Australia its top sovereign credit rating, the first time Australia has been AAA rated by all three agencies.
The US agency upgraded Australia's key credit rating to AAA from AA+, making Australia one of just 15 countries to hold the top rating.
The long-term foreign-currency issuer default rating shows Australia's ability to repay foreign debt and is used to compare between different countries.
Fitch also says its outlook for Australia was "stable".
Standard and Poor's gave Australia its top rating in 2003, while Moody's was the first to upgrade its rating, in 2002.
The Fitch upgrade reflects Australia's fundamental credit strengths including its "high value-added economy" and "flexible policy framework", said Fitch Asia Sovereign ratings group director Art Woo.
"The combination of low public debt, a freely floating exchange rate, a credible inflation target framework, and liberal trade and labour markets provides Australian authorities the flexibility to run strong counter-cyclical fiscal and monetary policies during both economic downturns and upturns," Mr Woo said.
Fitch says achieving a budget surplus and improving net financial worth would bolster the outlook for Australia's credit rating.
HSBC chief economist for Australia and New Zealand Paul Bloxham says the rating is a reminder that Australia's sovereign finances are in a strong position, "particularly against the backdrop of the current global sovereign problems".
"Sound fiscal policy and low government debt will help to affirm Australia's ability to service its net foreign borrowing requirement in part via a strong sovereign rating," Mr Bloxham said.
and this news in
Investment in Australia's mining industry has reached record levels, soaring 34 per cent in the past six months.
A new report from the Bureau of Resources and Energy Economics has found committed investment in major mining projects now sits at almost $232 billion.
Most of the capital is in the oil and gas, iron ore and coal industries.
Western Australia accounts for about 64 per cent of expenditure on advanced projects with final investment decisions announced for the Wheatstone and Prelude LNG projects in the last six months.
There are now a record 102 minerals and energy projects that have reached a final investment decision.
There are more than 300 other projects still in the pipeline and those are expected to be worth more than $224 billion.
The bureau says the projects are set to drive significant growth in resources exports in the medium to long term.
