“Standard & Poor’s decision today to downgrade Australia’s credit rating outlook from stable to negative highlights the absolute imperative on our political leaders to work constructively to deliver a well-functioning parliament focused on Budget repair” Business Council chief executive Jennifer Westacott said.

“While seats in our federal parliament may be changing, the fundamentals of the economy have not,” Ms Westacott said.

“The two priorities still facing Australia’s leaders are: growing the economy faster and getting our Budget under control. Only by doing both together will we protect our standard of living and create more and better jobs for Australians.

“S&P stated explicitly that this negative outlook is due to its view that Australia is less likely to see improvements in its budgetary performance while no party has a clear majority in federal parliament.

“We must respect the way Australians chose to vote. But now the challenge facing those they elected is to show they can work constructively to keep our economy strong and competitive.”

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