BHP Billiton, the world's largest mining company, today announced it will cut 6,000 jobs, reduce coal production and close the Ravensthorpe nickel mine.
"The loss of any job is always a serious concern, but the loss of so many jobs is, of course, a tragedy,'' Mr Swan said.
"What we are seeing today is a sober reminder of the unwinding of the mining boom, caused by the global financial crisis and in particular the slowing of the economy in China.''
Mr Swan said it had been "fundamentally important'' for the federal government to provide its economic stimulus package to encourage Australian growth in what had become a global recession.
"Not to step in would have been utterly irresponsible,'' he said.
Australia is not immune from the global economic crisis, but no further stimulus action was needed at the moment, said Mr Swan.
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