Moody's affirms Australian triple-A rating

Credit rating agency Moody's has given the Australian economy the thumbs-up, keeping the country on a triple-A rating with a stable outlook.

Australia has now notched up the rating from all three major agencies, with Moody's citing the country's strong growth, institutions, economic diversity and flexibility.

Moody's on Thursday acknowledged the federal government's commitment to fiscal consolidation, and its ongoing aim to restrain spending and raise revenues.

Risks cited by Moody's included hurdles to fiscal consolidation, given potential opposition to reining in spending.

"This is a further caution to the parliament, particularly the Labor opposition, on the need to back our plan for a stronger economy to bring the budget back into balance and pay down debt," Treasurer Scott Morrison said.