Ratings agency S&P Global watching AAA status and Labor's $45b "off budget" spending

It might be early days for the new Albanese government but already it's confronting a dire economic outlook with deficits beyond the horizon and debt approaching a trillion dollars.

One of the big global ratings agencies wants to see Labor's strategy on "budget repair" and whether additional spending promises in the election might compromise Australia's prized triple-A credit rating.

S&P Global Ratings is eyeing $45 billion in "off budget" means to see if they add to deficits.

I speak with S&P's Anthony Walker on ABC NewsRadio