From an RBS research report: " it is conceivable that rating agencies will threaten to down-grade Australia's sovereign rating"

The "Amplifying Global FX" report is dated February 17, titled AUD/NZD parity party invitations in the mail

AUD/NZD has made a new record low. After several tests of previous lows in recent years, 'bottom-fisher' demand is likely to be largely spent. The interest rate spread suggests still lower levels are possible. Relative fiscal conditions and political strengths support the NZD, while it is conceivable that rating agencies will threaten to down-grade Australia's sovereign rating. Relative commodity price trends have moved in favour of the NZD since mid-2014, dairy prices have recovered 29% from their low in December, while steel prices in China have fallen sharply this year. We remain bearish AUD/NZD favouring a move to parity and possibly 0.95. However, factors that may interfere with this view are relative macro-prudential actions. Both Australia and New Zealand are assessing housing market and credit growth conditions in Q1. The RBNZ appears more willing to act decisively on macro-prudential measures than Australian regulators and this may delay a rate cut in Australia. A drought in New Zealand is developing and also bears watching. A rebound in energy prices could provide respite for the AUD, as would renewed confidence in Chinese construction and infrastructure spending.

It is a long, detailed piece, that's the opening summary and gives the gist of it.

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More:

  • Australia has run sizeable fiscal deficits since 2009 and has continually downgraded its fiscal outlook since then
  • It has failed to deliver on any significant policy reform according to most commentators since the introduction of a Goods and Services Tax in 2000
  • it has ridden the back of a resources investment boom and failed to invest sufficiently in non-mining infrastructure
  • State governments have struggled to stay in government and deliver new infrastructure spending plans, dealing within their own limited budget flexibility
  • The deep rate cuts by the RBA have pumped up house prices and renewed mortgage debt growth faster than income growth from already excessive household leverage
  • With the deep fall in its terms of trade, and broadening political and economic uncertainty, it is not out of the question that its triple-A status is questioned in the year ahead