Australia dragged into recession: Swan

Treasurer Wayne Swan has emerged from G20 finance ministers' talks in Washington with no doubt that he is facing the most difficult economic environment in 75 years in which to frame next month's budget.
Mr Swan will not reveal whether or not today's "sombre" G20 finance summit will affect Australia's unemployment or Budget deficit forecasts.
"There's no doubt there's a very sharp contraction to growth in Australia and we are certainly being dragged into recession by the global economy," he said.
"The Government has done everything humanly possible to cushion Australia from the impacts of this savage global recession."
Yet he says Australia is doing better than most developed nations.
"There wouldn't be a finance minister in that room who wouldn't swap places with Australia," he said.
A tight-lipped Mr Swan however would not be drawn on whether the outcome of today's meeting would alter his projections.