Budget will protect rating: Morrison

Treasurer Scott Morrison says comments by a global ratings agency are not a licence to start raising taxes to protect Australia's triple-A credit rating.

Moody's Investors Service is concerned that spending cuts alone won't make a meaningful impact in balancing the budget and could put the rating at risk.

"The best way to protect our triple-A credit rating is to have a strong budget, a solid budget that is backing growth and that is backing jobs, and that is what out budget will do," Mr Morrison told reporters in his southern Sydney electorate on Thursday.