Financial crisis will hurt jobs, Swan warns

Job losses across Australia will be inevitable as the effects of the global financial crisis hit Australian businesses, Treasurer Wayne Swan says. Economists have predicted national growth could slow to 1.25 per cent next year, resulting in the loss off an estimated 200,000 jobs. Mr Swan refused to speculate on the extent of job losses but conceded the national unemployment rate would rise. "There is no doubt that the global financial crisis will have an impact on employment growth in Australia and there is no doubt that we will see over time unemployment move up," he told reporters in Brisbane. "There is a very big challenge coming Australia's way from the global financial crisis ... that is why we have moved with such speed to boost and strengthen our economy immediately."