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Australia Economic Stimulus

On Australia economic stimulus
As per reports of 14th December 2008, an Australia economic stimulus package

has been announced that is supposed to look after renewable energy scenario of that country.

Prime Minister of Australia, Kevin Rudd had announced that this Australian economic stimulus would be worth $500 million and would be utilized for next year and a half. It had been previously planned that this money would be spent over a period of six years, but now those plans have been changed in favor of a shorter duration.
On 14th October, 2008 Australian Premier Kevin Rudd pledged an economic stimulus package worth $10.4 billion in order to make sure that economy of Australia is least affected by 2008 global financial recession, which is being touted as worst financial crisis after Great Depression of 1940s.
This economic stimulus package is expected to provide vital support to household sector of Australian economy. Even though Australia is in a better position than most other countries, from an economic point of view, it is not safe from backlash of ongoing global financial crunch. This amount is being thought of as a safety measure, a precaution against imminent financial disaster.

Australia economic surplus is supposed to provide $4.8 billion for reforming long term pension and $3.9 billion as support payments to families that have a low to middle income level.
$1.5 billion would be provided for people who are buying their first homes and $187 million would be used for setting up fifty six thousand training centers by financial year 2008-09.
Kevin Rudd's government had anticipated that such a situation would crop up and had taken hard decisions in annual budget made in May 2008. Its primary intention was to create a buffer that could be used later on and in present circumstances, it seems they had taken right decision.
Importance of economic stimulus Australia
As per Kevin Rudd, it is imperative for Australia to be using solar energy to power itself and this Australia economic surplus can be expected to help in that regard. This would also help in growth of Aussie economy.

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Monday, 19 September 2011