CANBERRA, May 11 (Xinhua) -- Australia was not the only nation that fell into deficit due to the global financial crisis, Prime Minister Kevin Rudd said on Monday.
"There is a global recession. Every government around the world is engaged in temporary borrowings for temporary deficits in order to plug the gap which has been left by a private sector in retreat, and to do so temporarily," Rudd told reporters in the New South Wales city of Wollongong.
According to the Australian Associated Press, the federal budget, due to be handed down on Tuesday, has been expected to include a deficit of at least 60 billion Australian dollars (40 billion U.S. dollars) for 2009/10.
Special Report: Global Financial Crisis
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