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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.

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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.