Australia's foreign debt has ballooned to "extreme" levels - S&P

John Chambers, the chairman of the S&P rating agency's sovereign ­ratings committee, crossed the wires over the weekend, noting that Australia's foreign debt has ballooned to "extreme" levels that match the worst in the world.

Chambers added: "The government will point out that its fiscal position is strong - but it's not quite as strong as it used to be. Australia would have one of the weakest external positions of the 130 sovereigns that we rate."