Speaking in advance of an expected one percentage point cut in the official interest rate today and publication of a fresh government fiscal stimulus package, Kevin Rudd said six of the country's top 10 export markets, including Japan and the US, were in recession.
He said the downturn would affect government finances and lead to a “temporary budget deficit”.
Deterioration in the Australian government's financial position follows the International Monetary Fund forecast at the weekend that the country's economy would contract by 0.2 per cent in 2009, down from its previous forecast of 2.2 per cent growth.
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