Fitch Ratings weigh in on the change in prime ministers in Australia
- Unlikely to have a near-term credit impact for the sovereign
- No indication that frequent leadership changes have undermined economic growth
- Expects economy to hold up at 2.8% in 2018 and 2.7% in 2019, 2020
- Government's thin parliamentary majority likely to remain until next year's election
- But repeated bouts of political turmoil could eventually weigh on business confidence
Pretty much what you'd expect. It's not like there's going to be any radical changes from the fact that Morrison is now prime minister. Things are still very much business as usual. However, that last line holds true in the sense that a continuation in the musical chairs game will only undermine investor and business confidence in the economy.
