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| Australia unveils economic boost | Australia unveils economic boost |
| (10 minutes later) | |
| The Australian government has announced a A$42bn ($26.5bn) economic stimulus package, targeting infrastructure and those on low incomes. | 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. | 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. | 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%. | 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. | |
| However, the cost of the measures - to be implemented over four years - will create a A$22.5bn ($14.2bn) deficit in the current fiscal year. | |
| "The plan will help support and sustain up to 90,000 jobs over the next two years," said Mr Swan. | |
| Every school in the country will have a new or renovated building. | |
| Ceiling insulation to be provided free to 2.7 million homes will help Australia to cut its greenhouse gas emissions. |