S&P - could lower Australian ratings if budgetary performance does not improve

Reuters with headlines from S&P:

• Ratings on Australia affirmed at 'AAA/A-1+' on monetary and fiscal flexibility; outlook remains stable
• Stable outlook based on assumption that Australia's conservative budgetary policies will result in consistently narrowing deficits
• Economic growth remains subdued as drivers of growth rotate from mining investment to nonmining sectors
• Expects general government sector's budget balance to post small and declining deficits as share of GDP over the years to 2018
• The risks associated with Australia's high private-sector external debt are manageable
• "Could lower the ratings if Australia's budgetary performance does not improve broadly as we currently expect"