S&P Global has reaffirmed Australia's long-term foreign currency debt rating at AAA, with a stable outlook, while also maintaining the short-term sovereign credit rating at "A-1+."

The rating agency attributes this decision to Australia's planned increases in property taxes and cost-cutting measures, which are expected to help alleviate mounting structural spending pressures.

Australia's rating benefits from its robust institutional framework, solid fiscal indicators, a wealthy and diversified economy, and flexible monetary policy. While external debt levels remain high, they are gradually improving.

The stable outlook for the long-term rating reflects S&P's expectation that government deficits and net debt will remain moderate over the next two years.