The Government may need to raise the limit on the nation's credit card past $200billion to accommodate coming budget deficits after revenue estimates were again revised down.
The deteriorating global economy means it is also unable to guarantee unemployment will not hit double figures, say how long the recession will last, or rule out tax rises to help make up for the ever-growing budget deficits.
It comes after the latest International Monetary Fund world outlook predicted the Australian economy would contract by 1.4per cent this year and that unemployment would rise from 5.7per cent to 6.8per cent by December and 7.8per cent next year.
Comments from IMF chief economist Olivier Blanchard in today's Canberra Times
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