Australian Prime Minister Kevin Rudd warned on Thursday his country could expect a tough time, with unemployment and growth under real pressure.
He said the latest growth forecast was positive, while unemployment was forecast in the budget to hit 4.75 percent.
"The most recent numbers we have in front of us from the Treasury continue to (point to) positive economic growth into 2009,but the global financial crisis is a real threat to growth and to jobs," he told Fairfax Radio.
Rudd also said it was increasingly apparent that the global financial crisis was a real threat to growth and jobs around the world and in Australia.
"We recognize that when you have so many other major economies around the world going into recession, this is going to be very tough, very tough indeed for Australia," he said.
On interest rates, he said the Reserve Bank of Australia, which meets on next Tuesday, would make a decision based on its independent judgment.
"They, the Reserve Bank, were ahead of the curve globally last time when they took down official interest rates by 100 basis points, that's one percent," he said.
Source: Xinhua
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