Treasurer Scott Morrison has played down reports the government fears the mid-year budget update could be the catalyst for Australia losing its AAA credit rating.
"There's no real change here," he told ABC radio on Thursday, as he responded to suggestions Standard & Poor's Global Ratings could downgrade the country's rating.
"I stress all three (agencies) have actually confirmed Australia's triple A credit rating since the election," Mr Morrison said.
He acknowledged S&P had Australia on a negative watch and that the agency would be closely watching budget performance over the next six to 12 months.
The government believes it's on track for a small narrowing in the deficit, from the $37.1 billion forecast in May, especially in light of soaring coal prices.
However, there's a question mark over whether those prices can be sustained over a longer period.
Mr Morrison says parliament has passed more than a quarter, by value, of its budget repair measures.
This would be encouraging and welcome news to the credit ratings agencies, he said.
"We're making progress, the issue is we've got to keep making progress and that is a very strong message to the parliament."
Labor's finance spokesman Jim Chalmers said it was time for the government to accept responsibility for jeopardising the rating.
"They should stop pointing the finger at others," he told reporters.
Mr Chalmers cited Treasury Secretary John Fraser, who told a Senate estimates hearing on Wednesday there was no chance of losing the triple-A rating.
"It will be interesting to see if the treasurer can rule that out today," he said.
Australian Prudential Regulation Authority chairman Wayne Byres was later quizzed on the reliability of the rating agencies, particularly S&P, by a Senate committee.
He said S&P was an influential agency and had a robust and relatively transparent ratings process.
The rating agencies were heavily criticised for their handling of certain debt instruments that ultimately resulted in deepening the global financial crisis eight years ago.
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