Australian government expected to announce $6.3 billion in budget savings – AFR

Australia’s fiscal metrics have been attracting unwanted attention from the ratings agencies over the last three months or so.

On August 18^th, Moody’s had warned that Australia sovereign debt  can no longer be considered "low" and will soon be higher than other AAA-rating countries like Sweden and Denmark.

However, the latest news from Australia should put some fears to rest. As per the report from ‘The Australia Financial Review’ the federal government will announce $6.3 billion in budget savings today. The report also says the government has diluted plans to cut $1 billion from renewable energy agency ARENA.