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Australia's economy to reach lowest in eight years

(Xinhua)
Updated: 2009-03-03 14:23

SYDNEY -- Australian Treasurer Wayne Swan said on Tuesday the nation's economic growth figures for the December quarter would have the first negative result for gross domestic product in eight years.

Related readings:  Australia likely to cut immigration: minister  Rudd says Australia will rise from 'ashes of despair'  Australia plans $26B stimulus package

The financial crisis occurring elsewhere in the world will have an "obvious" impact on the national accounts, Swan told a press conference in Sydney.

According to Swan, the government's stimulus package will improve the economy in long term.

"As I said on a number of occasions, things will get worse before they will get better," Swan said.

The December quarter national accounts figures will be released on Wednesday.