[erick (Eric)]

Dat's a lot of money:-

Economic stimulus package


A $42 billion package consisting of:

• $14.7b for school infrastructure and maintenance
• $6.6b for community and Defence housing
• $2.7b small business tax break
• $890 million for community infrastructure and road improvements
• $8.2b tax bonus for those earning under $100,000
• $1.4 billion for single income families
• $20.4 million for farmers in hardship
• $2.6 billion for children going back to school
• $511 million for students and unemployed returning to training
• Free ceiling insulation for around 2.7 million homes
• An increase to the solar hot water rebate of $600 and a doubling of the Low Emissions Plan for Renters to $1,000
• A $22.5 billion deficit for 2008-09, $35.5 billion for 2009-10, $34.3 billion for 2010-11 and $25.7 billion for 2011-12
• This year's deficit is 1.9 per cent of GDP, while next year's will be 2.9 per cent of GDP
• Growth after the package is released is forecast at 1 per cent for this year and 0.75 per cent for 2009-10
• Unemployment forecast to rise to 7 per cent by June 2010

Economic stimulus measures already taken by the Federal Government include:

• A $10.4 bilion stimulus package consisting of; $8.7 billion of one-off cash payments to pensioners and some families; $1.5 billion to double the first home owners grant for exisiting houses and triple it for new homes; $187 million for 56,000 new training places in 2008-09; plans to bring forward various infrastructure projects in 2009
• A guarantee on all bank deposits - however an insurance premium now applies to deposits over $1 million
• A $3.4 billion assistance package for the car manufacturing industry
• $4.7 billion for a range of transport, rail, road and education infrastructure
• $4 billion fund in partnership with the banks to help prop up the commercial property sector
• Small businesses can defer 20 per cent their December PAYG installmentBusinesses given 10 per cent allowance to spend on capital over the next 12 months