s&p warns australia on credit rating

Reported on Sky News this morning (you won't get it in Fairfax or the ABC) that credit rating agency Standard and Poor's, has warned Australia that it risks losing its AAA credit rating if it doesn't reduce the Budget deficits.

Well, well, well!!!!

Here we have it but I doubt whether the media will make an issue out of it. In fact, it probably won't even be reported. Firstly, a lot of "journalists" wouldn't even understand the implications and secondly, we wouldn't want to risk damaging the Abbott/Hockey kicking stories that have been running daily since Budget night.

Imagine if our rating is downgraded and we have to pay even more interest on Labor/Greens debt.

That really will be a budget emergency.

The warning is there. I wonder what Labor/Greens coalition leader Bill Shorten will have to say. Or, will he just hope it's not widely reported.