The Australian government has announced a A$42 billion (US $27 billion) stimulus package to help the economy avoid recession due to the global financial crisis. The package provides A$12.7 billion in cash payments to Australians and A$29 billion for construction and infrastructure spending. Following are details of the key items in the stimulus package:
TAX BONUS, CASH PAYMENTS: The stimulus provides for cash payments of $950 each to low and middle income workers, farmers, single income families, families with school children and to adults who return to study. More than 10.6 million Australians will receive at least one of the cash payments.
CONSTRUCTION AND INFRASTRUCTURE: Money to fund building projects at 7,500 schools, money to build 20,000 new houses for the poor, funding to provide insulation for all Australian homes and money for road projects and to build boom gates at railway crossings.
Australian Prime Minister Kevin Rudd said the Treasury estimated the plan would boost economic growth by 0.5 percentage points in 2008-09 and 0.75-1.0 points in 2009-10, supporting up to 90,000 jobs.
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