Australia’s AAA credit rating has been reaffirmed by international ratings agency Fitch Ratings, according to an announcement from Treasury. 

In a media statement from Treasurer Jim Chalmers, he said the ratings house referred to the October Budget which showed “restraint” and did not add to cost pressures in the economy. 

Fitch said in its own statement that the Australian government is seeking to keep spending contained to avoid exacerbating inflation risks. 

“We expect the Government will seek to narrow deficits through growth-enhancing reforms, spending restraint and efficiency gains, under its fiscal strategy of putting gross debt-to-GDP on a downward trend,” Fitch said. 

Australia is one of nine countries to be rated AAA by all three major credit rating agencies.