Here's their Fitchy comment on Australia:
- Australia's rating reflects its strong institutions and effective policy framework, which supported nearly three decades of economic growth prior to the coronavirus pandemic and helped limit the severity of the current shock.
- The Negative Outlook reflects uncertainty around the medium-term debt trajectory following the significant rise in public debt/GDP caused by the response to the pandemic.
There is more to the report but that's the 'in a nutshell' summary.
More:
- policy settings to remain accommodative
- bulk of fiscal stimulus has passed
- risks remain to the downside, possibility of further lockdowns
- vaccine rollout should gradually ease risks, support domestic sentiment
- potential growth to return to pre-pandemic levels by around 2023
