Moody's surprise downgrade of China's sovereign credit rating preceded a drop in the Aussie dollar. Kingsley provides an analysis of Australia's fiscal position, the currency outlook, and the overall state of its economy.

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Tags:  Moody's,  China,  sovereign credit rating,  surprise downgrade,  Australia,  fiscal deficit,  bank levy,  mining levy,  fiscal shortfall,  wage growth,  soft economic conditions,  budget surplus,  Malcolm Turnbull,  currency weakness,  sovereign credit ratings