|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |   
Sunday 15th of February 2009
February 12, 2009

Australia’s AUS$42bn stimulus package rejected


by Kay Murchie
”Australia’s

Last week, the Australian Government announced a AUS$42 billion (£19 billion) stimulus package designed to help the country weather the economic downturn.

However, the plan has been rejected by the Australian Senate calling it “financially irresponsible”.

It was intended that AUS28.8 billion was to be set aside for schools, housing and roads, while the remaining funds was to provide a cash boost to low and middle-income earners. It was also hoped the plan would help support and sustain up to 90,000 jobs over the next two years, said Mr Swan.

Kevin Rudd, Australia’s Prime Minister has vowed to reintroduce the legislation saying it is “crucial for the economy“.

The Australian Chamber of Commerce and Industry said “No other nation’s parliament has refused a major stimulus package in the current environment of unprecedented global economic downturn.”

Australia is battling to prevent the country’s first recession in 18 years and the central bank has lowered interest rates to 3.25% - a level not seen since the early 1960s.

Discuss this in the Finance Markets forums

Story link: Australia’s AUS$42bn stimulus package rejected


Add to Bookmarks:

ADD TO DEL.ICIO.US     ADD TO DIGG     ADD TO FURL

ADD TO STUMBLEUPON     ADD TO YAHOO MYWEB     ADD TO GOOGLE     ADD TO SPURL

 

Tags: , Australian Senate, , financially irresponsible, , Kevin Rudd, , , rejected,

 

Previous: « Surprise rise in US retail sales
Next: Germany hit by record quarterly contraction »

Visited 412 times, 55 so far today