Australian Prime Minister Kevin Rudd warned his people of slow economic growth and said the global financial crisis would affect jobs in the country.

"Already we've seen job cuts at many Australian major corporations. We know that many small business are also finding it tough to keep their staff employed," he said.

"In the coming year, it's jobs that matter the most," Rudd said, adding that he intended to be "up front about the impacts of the global financial crisis on this economy".

"The government has been up front about the fact that Australians will be affected, growth will slow, unemployment will rise given the deteriorating global outlook," Rudd was quoted as saying in an AAP report.

"I intend to be up front with the Australian nation about what we are doing and what we can do about it," he said Meanwhile, major companies including BHP Billiton announced cutting off over 3,000 local jobs after deciding to shed 6,000 positions worldwide, while leading retailer Harvey Norman also forecast a series of job cuts.