Prime Minister Julia Gillard says her travels to various parts of the globe in recent weeks have uncovered a common thread of concern amongst world leaders about Europe, and highlighted the merits of Australia's economy.
Ms Gillard told parliament on Monday that Australia was the only country to be a member of all four major international gatherings in the past few weeks - the Commonwealth Heads of Government Meeting in Perth, the G20 summit in France, the Asia Pacific Economic Cooperation in Hawaii, and the East Asia summit held in Indonesia this weekend.
"Across all our meetings, leaders expressed they were concerned about the circumstances of the global economy and what the Eurozone crisis might mean for its future," Ms Gillard said on Monday.
Spain's Socialists became the latest in a long line of casualties from Europe's sovereign debt crisis, losing government in Sunday's election to the conservative Popular Party, which snared between 181 and 185 seats in the 350-member Congress of Deputies.
International Monetary Fund chief Christine Lagarde believes if Europe's economic problems are not addressed it could lead to "major" consequences in the United States due to strong linkage between the two huge economies.
"Letting Europe down is going to mean, if it was to happen, major consequences and negative consequences on many other economies, including the United States of America," Ms Lagarde told the US television program 60 Minutes on CBS.
But she is also concerned about the "political bickering" in the US in its efforts to reduce the budget deficit, and hopes that the Democrats and Republicans can agree terms that would offer "a degree of certainty that is so much needed for markets".
Ms Gillard also said what was incredibly striking at these international meetings was the difference between the circumstances of the Australian economy and the economies of so many nations around the world.
"It's all about jobs," she told parliament in its last sitting week of the year.
"It's all about this nation and this government having done what it needed to during the global financial crisis to keep Australians working and being focused now on keeping Australians in jobs."
Still, Treasurer Wayne Swan reiterated that there had been a significant hit to revenues from events in Europe and in the US, but the government remained determined to bring the budget back to surplus in 2012/13 as planned.
"We understand the importance of having a clear and consistent fiscal policy, particularly at a time when there is much uncertainty in the global economy," he told parliament.
He said the government would be making "responsible savings" that would be revealed in the Mid-Year Economic and Fiscal Outlook (MYEFO) to be released before the end of the year.
But Mr Swan did not believe these savings constituted bringing down a mini-budget, as being demanded by the opposition.
"Savings are found in MYEFO generally as we go through that process. And it's happened before. It will happen in this MYEFO. And they'll all be announced in due course," he told reporters earlier in Canberra.
But Opposition Leader Tony Abbott says there is every reason to have a mini-budget before parliament rises for the year because the government won't be able to get the budget into surplus by 2012/13 as promised without additional savings.
