Australia’s Treasurer Wayne Swan has left Australia to meet with the
treasurers, finance ministers and central bank governors from the Group of 20
(G20) developed and emerging nations in Brazil.
They will be looking at ways to stabilise the international economy and prevent
a similar collapse in the future.
Federal Finance Minister Lindsay Tanner says the worst of the global financial
crisis has passed.
The Government has updated its Budget forecast, predicting a more modest
surplus and economic growth.
But $40 billion will be wiped off the Budget over the next four years and
unemployment is expected to rise to 5.75 per cent by the middle of 2010.
Mr Tanner says he believes the international financial market has hit its
bottom and is now beginning to rise again.
"Nobody can predict what these international pressures will do," he said.
"I'm optimistic that things have improved and that we've seen the worst of
these circumstances in the United States and in Europe, but I can't guarantee
that.
"We'll be doing everything we can to push back against these very powerful
economic forces."
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