The Australian Senate passed a $28 billion U.S. or $42 billion Australian stimulus bill Friday establishing the precedent to fight the financial crisis and global recession that hit Australia marking the first recession in Australia in 18 years.

$28.8 billion Australian was marked for infrastructure projects and $12.7 billion in direct transfer payments to low- and middle-class workers. This package accounts for nearly 2 per cent of GDP - representing a $22.5 billion deficit for the current year, the first time in 10 years.

Kevin Rudd, the Prime Minister of Australia, says the plan will create 90,000 jobs. Much like claims in response to the U.S. bill creating 4 million jobs through protectionism or creation.

Infrastructure spending, investment tax breaks and tax bonuses will be increased for both businesses and individuals.

 Print This   Email This   Share/Save