.bmp)
.bmp)
HONG KONG-Australia's government said Tuesday it is planning additional stimulus measures worth A$41.5 billion ($26.5 billion) to be spent this year and over the next three fiscal years in an effort to boost employment and prevent the economy from falling into recession. Included in the package are A$12.7 billion in cash grants to low-to-middle income earners and families from March, and A$28.8 billion for infrastructure, tax breaks for small businesses education and jobs creation projects. The government said it expects slumping revenue and higher outlays will lead to a budget deficit of A$22.5 billion in the fiscal year ending June 30, reversing its earlier forecast for a A$5.4 billion surplus. The government revised its jobless forecast higher, saying unemployment will rise to 5.5% in the second half of 2009, up from its earlier estimate for 5%.By Chris Oliver
As in the days of Noah...
