Australia resilient to commodity price declines, to outperform AAA-rated peers in 2016 - Moody's

Moody’s Investor Service in a latest report on the Australian economy, in wake of the recent commodity price declines said that Australia's economy is continuing to display resilience to commodity price declines and will be the fastest growing AAA-rated commodity exporter this year despite escalating government debt.

Moody's noted that a weaker Australian dollar has made the country's non-commodity exports more affordable, with the country taking an increased share of global demand and boosted export volumes.

The credit ratings agency has forecast GDP growth of between 2.5 percent to 3 percent in the coming years, which is stronger than its expectations for Canada and Norway, but in line with projections for New Zealand.