RTTNews - Monday, Treasurer of Australia, Wayne Swan said the sharp contraction in the major trading partners of the nation would have big consequences for Australian exports. Export earnings are forecast to drop A$ 50 billion in 2009-10, compared to the current year. If realized, Swan said this would be the largest decline in more than 50 years.

He added that economic news from abroad confirmed the worst global economic conditions in 75 years, with more of major trading partners reporting sharp decreases in economic activity.

Swan stated, .it's important to remember that our actions are helping to cushion Australians from the worst impacts of the global recession and will position us to take full advantage of the global recovery that will come.

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