Global crisis could force Australian budget into deficit

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SYDNEY, Nov 26 (AFP): The Australian government is prepared to see a huge budget surplus run into deficit as it fights the fall-out from the global financial crisis, Prime Minister Kevin Rudd said today.
The surplus of 21.7 billion dollars (14 billion US) forecast in May's budget was slashed earlier this month by three-quarters to 5.4 billion as the government warned the crisis would cut tax receipts, growth and jobs.
But Rudd's comments Wednesday marked the first time he had acknowledged that the government was prepared to run the budget into deficit.
In an address to parliament on his return from the Asia-Pacific Economic Cooperation (APEC) summit in Peru, Rudd said growth would slow further if global conditions continued to deteriorate.