According to a statement issued by the Australian Government on Monday, the country is now looking at a strong economy and lower unemployment for the coming fiscal year. The nation, believed to be rich in resources, is now ready to step out of the economic downturn which had gripped the whole world.

Despite the optimistic report, the Government has not improved upon, or changed the outlook of, the budget deficit forecast which it has maintained for the coming year. Authorities have been quick to assert that while positive development is being witnessed all around, it would take sometime for the economy to get back to being what it was.

According to the figures made public, the Government of Australia is expecting to record a budget deficit of at least A$57.7 Billion for the 2009-10 fiscal year, which has been nudged up from the expected deficit reported six months ago which stood at A$57.6 Billion.

This development has shocked and surprised analysts and economists who were, on the contrary, expecting an improvement. Everyone is now hoping that the deficit figures do not go up again. What happens remains to be seen as the next fiscal year inches closer.