The government today announced an emergency $10.4 billion package to boost consumer confidence and economic growth in the face of the global financial crisis.
Under the plan the first home buyer grant will double to $14,000 for established homes, and triple to $21,000 for the purchase of new homes.
Other measures include a family Christmas bonus of $1,000 per child and similar payments to pensioners.
Kevin Rudd said the strategy would “strengthen the national economy and support Australian households, given the risk of a deep and prolonged global economic slowdown”.
“The Australian economy is strong, and we remain better placed than most other nations, but Australia is not immune from the global financial crisis,” he said.
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