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Further government stimulus to keep economy in the black

Staff Reporter 1 minute read

The federal government has announced a $4.7 billion national building plan in a bid to further bolster the economy against the financial crisis.

The plan, which includes spending on key transport infrastructure and education, should create 32,000 jobs, prime minster Kevin Rudd said on Friday.

“I made a commitment to the Australian people that this government would use nation building infrastructure to boost Australian jobs and to strengthen the economy. Today’s $4.7 billion statement represents a significant instalment delivering on that commitment,” Mr Rudd said.

The announcement was not “just to respond to the global financial crisis” Mr Rudd said, but rather part of a long term approach to building the economy.

The plan follows the $10.4 billion economic security strategy announced in October to boost consumer spending and keep the economy out of recession.

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Australia’s economy narrowly avoided negative growth in the three months to September, growing at just 0.1 per cent according to ABS data released earlier this month.

 

Further government stimulus to keep economy in the black
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