$42 Billion stimulus package announced

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$42 Billion stimulus package announcedWe’re well past Christmas however Kevin Rudds Government continues with the handouts, announcing today that Low and middle-income earners will receive a $950 bonus as part of an extra $42 billion of spending in its latest bid to defy the economic gravity that is dragging down economies around the world.

The spending package, over the next four years, includes $28.8 billion for infrastructure, schools and housing, as well as $12.7 billion cash payments. The payments include one-off bonus payments of $950 each for low- and middle-income households and individuals through five bonuses, to be paid in March, 2009

The extra spending was contained in a package of measures announced today by Prime Minister Kevin Rudd and Treasurer Wayne Swan, as the Government battles to adjust its policies and forecasts fast enough to cope with the rapidly deteriorating global economy.

”The Government will move heaven and earth to reduce the impact of the global recession on Australia,” Mr Rudd said.

The new package takes the total amount spent by the Government on stimulating the economy since September to $88.7 billion, including bank deposit guarantees, the car industry package, as well as investment in residential-backed mortgage securities, local government, infrastructure projects, and on the states through the Council of Australian Governments (COAG).

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