Is Australia at risk of defaulting on its sovereign debt?
This is a link to a table showing the market price of current credit default swap (CDS) prices for the sovereign debt of 38 countries:
Country Default Risk
Out of the 38 listed, Australia is one of the lowest risks, above France and Germany but below Belgium and the US.
Here is are some explanations of what a CDS is:
Credit Default Swaps Explained
Credit default swap