(Bloomberg) -- S&P Global Ratings raised its outlook on Australia’s AAA credit rating to stable from negative, saying it expects the government to return to a budget surplus in the early 2020s.

“We expect steady government revenue growth supported by the strong labor market and relatively robust commodity prices, to be accompanied by expenditure restraint,” the rating agency said in a statement. “We also expect property prices to continue their orderly unwind, and that this slowdown won’t weigh heavily on consumer spending and the financial system’s asset quality.”

The Australian dollar rose as much as 0.1 percent after the announcement before trading little changed.

S&P’s rating for Australia has been on negative outlook since July 2016.

To contact the reporter on this story: Chris Bourke in Sydney at cbourke4@bloomberg.net

To contact the editors responsible for this story: Nasreen Seria at nseria@bloomberg.net, Edward Johnson

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