Unlike its American counterpart, the Australian economy has been characterised by fiscal policies that fostered resiliency and stability, which according to Standards and Poor's, led to an overall healthy financial environment, notwithstanding global pressures.

Buoyed by the country's positive economic outlook, S&P reaffirmed Friday Australia's AAA credit rating, highlighting the nation's more robust economy as compared to that of the Europe, wracked by deteriorating fiscal and debt crises, and the United States, which earlier suffered a credit downgrade from the premier ratings agency.

Along with the stamp of approval on its overall economic prospects, S&P also retained Australia's A-1+ credit rating for the short term, citing factors that "demonstrate Australia's strong ability to absorb large economic and financial shocks, such as the global recession in 2009."

"The ratings on Australia reflect Standard & Poor's view of the country's ample fiscal and monetary policy flexibility, economic resilience, public policy stability and its sound financial sector," S&P credit analyst Kyran Curry told the Australian Associated Press.

Yet those benefits, Curry warned, could easily be wiped out if the country continues to depend too much on its resources boom and offshore savings, which he stressed, could only fuel growth to a certain point.

"Australia has what we consider to be strains on its financial sector, compared to other highly rated sovereigns, reflecting its heavy external borrowings to partly fund investment in its mining sector," the S&P analyst pointed out.

Along the way, the country's underlying burdens could emerge as fiscal pressures weigh down on Australia's gains and in the long run could be compounded by rapidly greying population and rising household debts.

S&P said those two factors, if remained unchecked, could sap resources that otherwise were better utilised financing growth programs.

More public debts in the future, S&P cautioned, could bring Australia in a situation where its credit badge will have to suffer a downward revision, which the ratings agency clarified is very avoidable as it projected that growth trend of up to 3.5 percent will mark the domestic economy over the next two years.

Between now and then, S&P said Australia will witness sustained patterns of growth in the immediate quarters ahead as commodities being shipped from the nation continue to attract healthy trade from China and India.