When a major credit ratings agency sounds the alarm on a government’s fiscal trajectory, a serious national leader listens. They explain. They reassure. They set out a plan.

This week, when S&P Global warned that Australia’s prized “AAA” credit rating could be at risk due to surging off-budget spending and deteriorating budget fundamentals, Prime Minister Anthony Albanese did none of these things. Instead, he mocked the report’s authors, dismissed the warning, and pointed to a temporary budget surplus as if that were the end of the matter.