The Australian parliament has passed a A$42 billion dollar stimulus package, the Nation Building and Jobs Plan
, including A$28.8 billion on schools, housing and roads over four years, tax breaks for small businesses and direct payments of A$12.7 billion to eligible workers, farmers and students. The Treasury estimates that the plan would support up to 90,000 jobs and add to economic growth of around ½ per cent of GDP in 2008-09 and
around ¾ per cent to 1 per cent of GDP in 2009-10.
Some of the important parts of the plan include
- Free ceiling insulation for around 2.7 million Australian homes
- Build or upgrade a building in every one of Australia’s 9,540 schools
- Build more than 20,000 new social and defence homes
- A$950 one off cash payments to eligible families, single workers, students, drought effected farmers and others
- A temporary business investment tax break for small and general businesses buying eligible assets
- Significantly increase funding for local community infrastructure and local road projects
The initiatives in the Nation Building and Jobs Plan will provide a boost to economic growth of around ½ per cent of GDP in 2008-09 and around ¾ per cent to 1 per cent of GDP in 2009-10.
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