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The Australia dollar barely reacted to Treasurer Scott Morrison's budget measures, after having lost nearly 2 per cent at one stage earlier in the day when the Reserve Bank of Australia slashed official rates by a quarter percentage point to a record low.
In overseas trade, the local unit was steady at about US75.73¢, close to where it plunged after the RBA decision at 2.30pm AEDT. As reaction from economists and rating agencies surfaced, it slipped to around US75.62¢.
For now, however, Australia's Triple A rating from the three main ratings agency appears intact.
"Our current rating on Australia is AAA/Stable," said Standard & Poor's.
"We will look through the details of the budget over the coming weeks.
"As we've previously highlighted, improving budget balances remain important to the rating to offset Australia's high vulnerability to shifts in offshore financial market sentiment," the agency said.
A Fitch spokesman said Australia's public finances were still consistent with triple-A ratings, but slower fiscal consolidation would affect its capacity to absorb future economic shocks, Reuters reported.
Moody's Investor Services, meanwhile, had warned ahead of the budget that rising government debt would put at risk Australia's AAA rating.
It said on Tuesday night that despite rising debt levels, the government's fiscal strength would support the load.
However, it also warned that a slower pace of fiscal consolidation would "leave public finances vulnerable to negative shocks, in particular a potential marked downturn in the housing sector and a reversal in currently favourable external financing conditions".
This sentiment was shared by Capital Economics, which said Mr Morrison's relative generosity this time around could create problems in the next few years.
"The budget is more generous than it looks, which bodes well for the economy in the near-term," said chief economist Paul Dales.
"It does, however, mean that the economy will take a larger hit in the years after the election when the fiscal hole is filled," he said.
CommSec's chief economist Craig James said the budget had enough stimulus to complement current monetary policy settings.
"If confidence and economic activity are boosted and economic growth exceeds predictions of 2.5 per cent growth in 2016-17, then the Reserve Bank may delay further rate cuts," he said.