Budget repair must be a high priority for the next parliament in light of a global rating agency threatening to cut Australia's credit rating, Prime Minister Malcolm Turnbull says.
Standard & Poor's has revised Australia's AAA rating outlook to negative from stable, saying it could cut the rating in the next couple of years if there is any slippage in repairing the budget as a result of the tight election result.
"That is the reminder that the commitment to budget repair, to reducing the deficit ... to managing our public finances responsibly must be a very high priority," Mr Turnbull told reporters in Brisbane on Thursday.
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