Jan 24 (Reuters) -
* S&P SAYS AUSTRALIA RATINGS AFFIRMED AT 'AAA/A-1+'; OUTLOOK REMAINS NEGATIVE
* S&P-NEGATIVE OUTLOOK ON AUSTRALIA REFLECTS VIEW OF SIGNIFICANT UNCERTAINTY AROUND ABILITY OF BUDGETARY POSITION TO RETURN TO SURPLUS BY EARLY 2020S
* S&P ON AUSTRALIA - RATINGS COULD STABILIZE IF GOVERNMENT DEMONSTRATES ABILITY TO ACHIEVE SIGNIFICANT, SUSTAINED IMPROVEMENT IN MEDIUM-TERM BUDGET OUTLOOK
* S&P- BELIEVE THAT POTENTIAL FOR WAGE GROWTH TO REMAIN LOW POSES DOWNSIDE RISK TO AUSTRALIAN GOVERNMENT'S FISCAL REVENUE
* S&P- EXPECT AUSTRALIA'S NET GENERAL GOVERNMENT DEBT TO PEAK AT CLOSE TO 26.3% OF GDP IN THE FISCAL YEAR ENDING JUNE 30, 2020
* S&P- CONSIDER AUSTRALIA'S ECONOMY TO BE HIGHLY VULNERABLE TO ANY MAJOR SHIFT IN OFFSHORE CAPITAL FLOWS