From JP Morgan's chief economist in Australia, Stephen Walters:
- Says Australia needs to change the course of the budget or it risks losing its triple-A status
- Says that the Abbott government was elected in 2013 promising a return to surplus, but the fiscal position has worsened, not improved
- "The budget is in chronic deficit and public debt is ballooning, seemingly unchecked"
- "The loss of Australia's coveted triple-A sovereign rating is not imminent, in our view, but risks will grow without a change in trajectory"
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Note: Reports of Walter's note being carried in various press reports now too
