SYDNEY, Jan. 23 (UPI) -- Australian Prime Minister Kevin Rudd has canceled a six-day trip overseas amid the country's worsening economy, a spokesman said.
Rudd was to visit Papua New Guinea, India and Switzerland next week, the Australian Broadcasting Corp. reported Friday. The prime minister was also planning to attend the World Economic Forum in Switzerland next week.
Instead, Rudd will spend next week in meetings with business leaders to discuss the national economy, the spokesman said.
"The Prime Minister has decided to cancel his planned visit to the World Economic Forum to continue working on Australia's response to the global financial crisis," the prime minister's office said in a statement.
The Australian reported that Rudd is pushing to protect 50,000 construction jobs by creating a $4 billion partnership with banks to finance development of office buildings, shopping centers and other commercial property projects.
Under the plan, Australian taxpayers would provide $2 billion in financing and the remainder would come from the country's big four banks.
