RICARDO'S BUSINESS || AAA news on economy

Amid the recent doom and gloombeing seen on global markets, the Australian economy received a stamp ofapproval from both Standard and Poor’s and the Reserve Bank.

S&P reaffirmed its AAA rating on Australia, while the RBA reassured investors Australian banks are very well placed to deal with any further financial shocks.

But, Aussies are saving more, which suggests they're not confident about the future, and some economists say that means the RBA is likely to have not closed the door on cutting interest rates.