another australian boom unlikely

Another Australian boom 'unlikely'19/01/2009 09:38AM AEST Australia is unlikely to repeat its outstanding economic success of recent years, a leading forecaster says.

Access Economics predicts Australia is heading into recession after an unprecedented period of wealth growth, on the back of a commodities boom.

The current account deficit will grow to $100 billion and 300,000 jobs will be lost by this time next year, it says in a report published on Monday.

The federal government's budget deficit is also heading into the red as company tax revenues tumble, Access director Chris Richardson said.

"I just don't expect to see the economic conditions so perfect for Australia ever again," he told ABC Radio, adding it was the best of his lifetime.