SBS: 'Ratings agency Standard & Poor's has warned Australia's AAA credit rating could be reviewed unless significant cuts are made to the budget - providing...

SBS: 'Ratings agency Standard & Poor's has warned Australia's AAA credit rating could be reviewed unless significant cuts are made to the budget - providing the Abbott government with much-needed ammunition as it tries to win support for its fiscal roadmap. A leading sovereign analyst for S&P, Craig Michaels, says a review might be required if the coalition is unable to pass at least some of the $37 billion in savings announced in last week's budget. Labor has vowed to block about $18 billion in cuts and tax hikes, while Palmer United Party leader Clive Palmer has also threatened to veto various measures aimed at attacking Australia's deficit. Treasurer Joe Hockey's first budget, handed down last Tuesday, showed Australia would accumulate $60 billion in deficits over the next four years. Mr Hockey outlined a plan that would return the nation to surplus no earlier than 2018-19' (VIEW LINK)