New Treasury boss John Fraser believes it will take a "pretty terrible event" for Australia to lose its triple-A credit rating.
Australia is one of very few countries that still enjoys a top-notch rating from the world's three main credit rating agencies - Standard & Poor's, Moody's Investors Service and Fitch Ratings.
"We are very solid," Mr Fraser told a Senate estimates hearing on Wednesday.
"It would have to be a pretty terrible event to knock our triple-A rating. I don't see that happening."
He said there is a growing recognition that fiscal consolidation is something Australia has to face up to at some time.
He believes there is a recognition around the world that Australians are a pretty sensible lot, and while some might disagree about the pace they might address issues, they do get on with the job.
"I find it hard to identify a country in the developed world which wouldn't trade for our position," he said.
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