CANBERRA, Australia (AP) — Australia's prime minister has raised the prospect of the nation suffering its first economic recession in 28 years if the opposition wins general elections due by late May.

Prime Minister Scott Morrison outlined his conservative government's economic credentials in a speech on Tuesday in which he promised to detail in April Australia's first surplus annual budget in a decade.

Opposition leader Bill Shorten accused Morrison of fearmongering.

Australia had not experienced recession — defined as consecutive quarters of economic contraction — since July 1, 1991.

Deloitte Access Economics, an economic forecaster, predicts Australia's economy will be affected by slower global growth in the next two years.

The forecaster also says Australia's growth would be weighed down by tightening credit, widespread drought and falling rates of housing construction.