Govt unveils $42b stimulus package

The Federal Government has unveiled a $42 billion stimulus package that will support up to 90,000 jobs and stave off the effects of the global financial crisis.

The Federal Government has unveiled a $42 billion stimulus package that will support up to 90,000 jobs and stave off the effects of the global financial crisis.

Australians who have found themselves out of work due to the decrease in demand from China will be entitled to a $950 training and learning bonus to help with the costs of potential further education.

Millions of Australians are also set to benefit from $12.7 billion worth of tax bonuses and one off payments to low and middle-income households, farmers, single-income families and students.

Those earning up to $80,000 are eligible for a tax bonus of $950, while those earning between $80,000 and $90,000 will receive $600 and those earning between $90,000 and $100,000 will receive $300.

Peter Colley from the Construction, Forestry, Mining and Energy Union told MINING DAILY the mining industry would benefit from the general business bonus.

“Parts of the mining industry are doing it quite tough, but they have enjoyed several years of unparalleled boom and they can not put their hand out for Government assistance as soon as there is a down turn,” Colley said.

“Part of being in the private sector is that you make money during the booms and you lose money in the downturns, after all, mining is a cyclic activity.

Federal Treasurer Wayne Swan said a fresh stimulus package was imperative to the smooth running of the country.

“There is no doubt that in the past couple of months a dramatic collapse in global demand, caused by the global recession, has had a dramatic impact on economies right around the world,” Swan said.

“We cannot stop the full force of this on our economy but we can cushion its impact.

“If there wasn’t a strong response from Government, more jobs would be lost.”

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