Minister Malcolm Turnbull and John Fraser

Mr Turnbull: The message runs counter to what Australians have come to expect from an election-year budget and a government seeking re-election, according to Nine News Australia. Instead Mr Turnbull is keen to play down any expectations of new spending, especially in light of a speech by Treasury boss John Fraser. That the message from Prime Minister Malcolm Turnbull who insists the government intends making prudent savings "right across the board" as it grapples with budget deficits and rising debt. Mr Fraser said Australia could not afford to be complacent about its Triple-A credit rating, something held by only nine other countries. The prime minister and Treasurer Scott Morrison both dismissed interpretations of Mr Fraser comments that suggested the rating was in jeopardy unless urgent efforts were made to cut spending."The media have written that up perhaps a little bit more sensationally than it warranted," Mr Turnbull said on Friday. The rating was dependent on credible fiscal consolidation and a smooth transition to a more diverse economy, he warned. (news.financializer.com). As reported in the news.