Australian parliament passes stimulus package
February 13th, 2009 - 3:31 pm ICT by IANSCanberra, Feb 13 (Xinhua) The Australian parliament Friday passed a 42 billion Australian dollars ($27.4 billion) economic stimulus package, after striking a last-minute deal with a key independent senator.
Following protracted negotiations Thursday and early Friday, Nick Xenophon, whose vote was needed to ensure the passage of the package, eventually joined with the government.
The parliament approval leaves the government free to immediately implement its spending plans, with Prime Minister Kevin Rudd stressing the package was in the national interest and would help the government fight the global economic recession.
“The most irresponsible thing to do today, with the worst global economic recession since the 1930s staring us in the face, would be to do nothing,” he told parliament.
The package includes spending on schools, housing and roads over four years, tax breaks for small business and cash handouts of AUD 12.7 billion to eligible workers, farmers and students, likely to be delivered by the March deadline set by the government.
Rudd said the treasury estimated the plan would boost economic growth by 0.5 percent points in 2008-09 and 0.75-1.0 points in 2009-10.
The opposition had been refusing to support the bill, labelling it financially irresponsible that would drive the budget deep into deficit, saddling future generations with debts.
- Italian economy contracts in Q3 - Dec 22, 2011
- Where has the wonder economy gone, Australians ask - Feb 17, 2009
- Recession effect to last 10 years: Report - Sep 13, 2011
- Rudd appointed to UN panel to tackle global sustainability issues - Aug 10, 2010
- Kevin Rudd to visit Egypt, Tunisia this week - Feb 22, 2011
- India's lost $128 bn in illicit capital outflow in a decade - Dec 15, 2011
- No 'faint prospect' of becoming PM again: Rudd - Apr 08, 2011
- Joblessness climbs in Spain - Dec 03, 2010
- PM Rudd a nerd for wanting spend stimulus handout on books and music - Apr 08, 2009
- Krishna to renew pitch for uranium sale in Australia - Jan 17, 2011
- Adani Enterprises buys Australian coal asset for $2.7 billion - Aug 03, 2010
- Australian foreign minister quits (Lead) - Feb 22, 2012
- Australian finance minister warns of tough spending cuts - Nov 14, 2011
- Greece to receive new IMF aid in July: French PM - Jun 22, 2011
- Spain cuts 2011 growth forecast - Nov 17, 2011
Tags: 1930s, australian dollars, australian parliament, canberra, cash handouts, debts, economic growth, economic stimulus package, eligible workers, farmers, future generations, global economic recession, independent senator, national interest, negotiations, nick xenophon, parliament, tax breaks for small business, xenophon, xinhua
