$10.4b package to safeguard economy
A special meeting of Federal Cabinet signed off on a $10.4 package to safeguard the Australian economy this week, following forecasts that the global financial crisis will halt growth in almost every developed nation. The package will deliver a pre-Christmas bonus to pensioners, carers, veterans and those on the parenting payment worth at least $1400, as well as establishing 56,000 new training places. The first home buyers grant will also double to $14,000 or $21,000 for newly built homes. Opposition leader Malcolm Turnbull supported the package that Kevin Rudd said will ‘strengthen the Australian economy in the face of the worst global financial crisis since the Great Depression.’