Stimulus Package for Australian Economy

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The Australian government has announced a A$42bn ($26.5bn) economic stimulus package, targeting infrastructure and those on low incomes.

The country's Treasurer, Wayne Swan, said that A$28.8bn would be invested in schools, housing and roads.

Another A$12.7bn will provide cash support for lower-income families to be paid next month.

The government has halved its economic growth forecast for 2008/09 from 2% in November to just 1%.

"To support jobs in the middle of a severe global recession, the government must stimulate the economy in the most immediate manner possible," said Prime Minister Kevin Rudd. - BBC