Australian Prime Minister Anthony Albanese has dismissed concerns that election spending promises could jeopardise the country's prized AAA sovereign credit rating.
Analysts at S&P Global this week wrote that Australia's public spending was at "post-war highs", and warned both major parties that the country's rating was at risk if savings were not found.
Party leaders have made big spending promises in Australia's tightly-fought election, scheduled for 3 May – with the cost of living a critical issue for voters.
Speaking to reporters on Tuesday morning, Albanese said that he was proud of his Labor Party's economic record, adding that he "delivered responsible economic management".
Earlier, Albanese had said the authors of the S&P report "must have been beside themselves". He added: "The Coalition left us with a A$78bn ($5bn; £3.7bn) deficit. We turned that into a $2bn surplus."
Angus Taylor, Australia's shadow treasurer, wrote on social media that Albanese "mocking the ratings agency shows he's not fit to lead".
During Australia's election campaign, both main parties have pledged billions of dollars for housing, healthcare and energy – aimed at easing cost pressures for citizens.
But the S&P report wrote that "larger, structural deficits", coupled with more volatility in the global economy, could threaten Australia's AAA credit rating – the highest tier.
