The federal government will release the mid-year economic outlook on Wednesday, and Treasurer Wayne Swan has warned there will be bad news.
"The mid-year Economic and Fiscal Outlook (MYEFO) is out today and the budget will undoubtedly take a direct hit from the international financial crisis," Mr Swan told ABC Newsradio.
"Australia is simply not immune from this and it will have a very substantial impact on government revenues.
The MYEFO will provide the clearest outlook so far for how Australia is faring in the face of the global financial crisis, and will provide forecasts on the government's budget surplus, economic growth, and unemployment.
