AUSTRALIA'S newly-promoted Treasurer Chris Bowen has something to celebrate already.
Moody's credit rating group has reaffirmed Australia's AAA credit rating, the best rating possible.
The AAA rating means Australia's debt levels are considered extremely low and extremely stable, with debt cheaper for us than for countries with lesser ratings.
Mr Bowen welcomed the news, pointing out that only eight countries in the world could boast the top credit rating.
"This is the highest category of sovereign debt credit rating and is testament to both the strength of the Australian economy and the Government's fiscal management," Mr Bowen said.
Moody's said, "Australia's AAA rating is based on the country's very high economic resiliency, very high government financial strength, and very low susceptibility to event risk".
Moody's also note that, "The government's financial position is very strong in comparison to most other advanced countries" and that Australia's government debt is low in comparison to other AAA-rated sovereigns.
"The Australian economy remains the standout performer of the developed world, with solid growth, low unemployment, contained inflation and strong public finances," Mr Bowen said.
"Today's confirmation by Moody's of Australia's AAA credit rating is another resounding endorsement of the Australian economy and the Government's strong economic management."
This follows statements confirming Australia's AAA sovereign debt rating by Standard & Poor's and Fitch after the 2013‑14 Budget.