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READ MOREHow Scott Morrison saved borrowers from rate hike
While it's true Prime Minister Scott Morrison pulled off what markets thought was "mission impossible" and saved Australia's AAA credit rating – which Standard & Poor's upgraded to "stable" from a long-standing "negative outlook" last Friday – the more important news is that he also saved borrowers from a certain interest rate hike.
The major banks' AA- credit ratings are crucially reliant on Australia's sovereign rating remaining in the prized AAA band. Had the nation been downgraded one notch to AA+, as was universally expected in 2017 (but not by this column), S&P would have immediately downgraded the big banks in lockstep to A+.
Read the full article at the Australian Financial Review.
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