Australian Prime Minister Kevin Rudd, promising to be “upfront” with the people of the country, has forewarned that slow economic growth and rise in unemployment would mark the times ahead.

Referring to the economic downturn, Rudd said: “I intend to be up front with the Australian nation about what we are doing and what we can do about it.”

With Rudd having talked about more job losses in future, fresh announcements of job-cuts also made news. While BHP Billiton said that along with cutting 6,000 positions globally, more than 3,000 local jobs will also be axed; elite retailer David Jones announced cutting 150 administrative as well as head office positions, resulting from its weak sales and profit forecasts.

In fact, there have been layoff announcements even at a number of major corporations in Australia. No surprise then that the situation is worse for small businesses amid the economic crisis, as they are struggle their might to keep their staff employed!

Meanwhile, the government has been criticized on the grounds that its cash handouts – from its $10.4 million financial bailout – comprised money that could have been spent in a better way.

Supporting the government’s handling of the bailout amount, Federal Treasurer Wayne Swan: “It is fundamentally important in supporting domestic growth that there is a stimulus package when you have such a shock administered to the Australian economy by what has now become a global recession.” (Additional reporting by Rupinder Kaur)