The second of the world's large ratings agencies, Moody's, has effectively put the new Turnbull Coalition government on probation.
Now that the election result has been determined the ratings agency clearly has concerns about the new government's ability to prosecute its economic agenda. 
Moody's said on Monday that 'in particular, indications that under a Coalition government with a split Senate, little agreement can be reached on fiscal consolidation and macroeconomic policy measures would be credit negative.'
Unlike its fellow ratings agency Standard & Poor's that last week placed Australia's AAA credit rating on a negative outlook, Moody's has adopted more of a wait and see approach before it decides whether to herald a negative move on the country's rating.
While Moody's expects fiscal consolidation to be a key policy objective of the Government - it is adopting a watchful approach to how the new unholy alliance in Canberra plays out.
It will be a major test of Turnbull's ability to navigate his policies through hostilities within his own party and the Senate.
'It noted that trends in Australia's credit profile will be determined by whether fiscal objectives are effectively implemented, whether external financing conditions remain favourable and how evolution of the housing market affects domestic growth and financial conditions'.
Overall Moody's is predicting wider economic conditions to remain relatively strong - but in part this will be based on the continued strong housing market.
However there are already signs that the heat is coming out of this market. Already this week there are reports that property prices are falling in some areas as additional supply is leading to topical gluts, particularly in inner city apartments.
The weaker Australian dollar was also highlighted by Moody's as a positive, alongside the historically low interest rates.
While the betting on interest rates being lowered even further next month has moved to around 65 per cent, the Australian dollar has remained remarkably resilient despite the messy election and Brexit.
Standard & Poor's said last week there is a one in three chance the rating will be downgraded within two years. It said without remedial action, "the government's fiscal stance may no longer be compatible with the country's high level of external indebtedness". It says over the next six months to 12 months it will monitor the government's ability to legislate measures that would get the budget into better shape. 
It's prepared to revise the negative watch on the AAA rating if its sees progress.
While Standard & Poor's has given the Turnbull Government a deadline to fix up its sovereign balance sheet, the sentiments of the two ratings agencies are not otherwise particularly different.
Moody's echoed S&P's sentiments that the government can find ratings salvation if the budget outlook improves. 
"(Any) Evidence that measures that would effectively reduce Australia's budget deficit and point to a stabilisation in government debt would support Australia's credit profile,' Moody's said on Monday.