We are not alone (Part 2)

From Guardian.co.uk:

Australian Treasurer Wayne Swan said on Sunday that Australia would go into a "temporary" budget deficit as a result of the global economic crisis.

Swan told Channel Nine television that despite Australia's generally resilient economy, it was not able to escape the effects of the crisis elsewhere in the world, especially in China, a major market for Australia's resources exports.

"It will be inevitable that Australia has a temporary budget deficit," Swan said.

His comments come ahead of an expected second stimulus package for the economy expected to be announced this week.

Late last week the International Monetary Fund forecast that Australia's economy would contract by 0.2 percent in 2009.

Since October, the government has pledged stimulatory spending worth more than A$36 billion
($24 million), which has eroded a budget surplus built up by its conservative predecessor.