Australia's hard-earned triple triple-A credit rating, secured by Wayne Swan in 2011, now looks almost certain to be lost when ratings agency Standard & Poor's downgrades us -- unless there's a dramatic turnaround in the Coalition's approach to fiscal management in the next six months to a year. S&P have not merely flagged their concerns about how difficult it will be for any government to get fiscally stringent measures through parliament, they've called bullshit on three years of fiscal fantasy from the Coalition.

In its statement yesterday, S&P spelt out its deep scepticism of the government's current fiscal trajectory: