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Australia's AAA credit rating has been confirmed by ratings agency Standard and Poor's, but the agency has left the nation on negative watch and questioned whether the Turnbull government will achieve a surplus by 2020-21.

"The negative outlook on Australia reflects our view that if downside risks to government revenue materialise, then budget deficits could persist for several years, with little improvement, unless the Parliament implements more forceful fiscal policy decisions," the agency said.

NEGATIVE WATCH DOESN'T GIVE MUCH CONFIDENCE FOR $A REMAINS.