The Australian government unveiled a 10.4 billion dollars (6.9 billon U.S. dollars) package on Tuesday to buffer the Australian economy against the global financial crisis.
Pensioners, families, and first home buyers are the three big winners from the Economic Security Strategy unveiled here by Prime Minister Kevin Rudd and Treasurer Wayne Swan. They also promise to speed up spending on infrastructure, and almost double training places.
Rudd said the global financial crisis had entered into a new, dangerous, and damaging phase, and that's why "the government has decided to act decisively and early on the question of this economic security strategy for the future."
"(It's) decisive action, responsible action, early action, all in Australia's interests," the prime minister told reporters.
Swan said Australia was in the midst of the worst financial crisis ever to confront the modern market economy. "This is an important package, an important strengthening of the Australian economy," said Swan, adding "We have acted to strengthen our financial system and to strengthen the stability of our banks."
Australia was better placed than many countries in the current financial turmoil but was not immune to it, Swan said.
Today's package follows Sunday's announcement of a three-pronged plan to further ensure the stability of the Australian financial system, including a government guarantee for up to 700 billion dollars in deposits.
Australia's four million pensioners, carers, and seniors will benefit from December 8. Single pensioners will receive a lump sumpayment of 1,400 dollars while pensioner couples will receive 2,100 dollars. People receiving the carers allowance will also receive 1,000 dollars for each eligible person in their care.
According to the package plan, the government will invest about1.5 billion dollars in the housing market over 2008/09 and 2009/10.(1 Australian dollar equals 0.698 U.S. dollar)
Source:Xinhua
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