The government will consider revised budget initiatives to boost consumer confidence and economic growth in the face of the global financial crisis.
A package of $5-10 billion is reportedly under consideration, The Australian reported today, that is expected to include one-off tax rebates, direct infrastructure spending and welfare payments all delivered before Christmas.
Finance minister Lindsay Tanner told The Australian Financial Review the government could not afford to wait to assess the full impact of the global crisis before acting to support the economy.
“It’s clear there are considerable risks to economic activity generally and that those pressures are starting to mount,” he said.
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