International credit agency Standard & Poor's on Tuesday affirmed mining-driven Australia's AAA rating with a stable outlook despite a planned return to a budget surplus being pushed back.

Australia is one of only a handful of nations to hold the top rating, although the government slashed growth forecasts for 2013/14 from 3.0 per cent to 2.75 per cent and scaled up unemployment from 5.5 to 5.75 per cent.

A budget surplus was initially forecast for this year but has been revised to 2016/17 due to economic turbulence with Treasurer Wayne Swan revealing an A$18 billion (US$18 billion) deficit for 2013/14.

S&P said in a statement that Australia's ratings would not be affected.

"Australia's credit metrics remain supportive of the 'AAA' sovereign rating despite the revised budgetary projections," it said.

The agency added that while the budget represented "some slippage" in returning to surplus "the government continues to demonstrate a commitment to prudent fiscal policy over the medium term, in our view".

"Given the low level of public debt in Australia, the anticipated delay in achieving budget surpluses compared to our and the government's previous projections does not put immediate downward pressure on the rating," it said.

"We continue to consider the Australian government's fiscal position to be a key rating strength, which offsets the weakness resulting from the country's high external indebtedness."

channelnewsasia.com