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| Australia unveils economic boost | Australia unveils economic boost |
| (39 minutes later) | |
| Australia's government has announced a 42bn Australian dollar ($26.5bn; £19bn) stimulus plan, as it seeks to shield the country from the global downturn. | Australia's government has announced a 42bn Australian dollar ($26.5bn; £19bn) stimulus plan, as it seeks to shield the country from the global downturn. |
| 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 country's central bank also cut interest rates to 3.25% - the lowest level in 45 years. | The country's central bank also cut interest rates to 3.25% - the lowest level in 45 years. |
| 'No guarantee of success' | |
| "This government will never haul up the white flag on the inevitability of recession," said Prime Minister Kevin Rudd.Australia's economy is heavily resources based | |
| "There is no guarantee of success, but we will throw everything at this because we believe it is important for confidence and jobs that we do so." | |
| Australia's resources-based economy has struggled since the worldwide financial turmoil began in the middle of 2008. | |
| The country's mining firms are cutting back on capital spending, cutting staff numbers, and mothballing projects. | |
| The government has halved its economic growth forecast for 2008/09 to 1% from an earlier prediction of 2%. | The government has halved its economic growth forecast for 2008/09 to 1% from an earlier prediction of 2%. |
| The latest package comes on top of one announced late last year which was worth A$10.4bn. | |
| 'Measures necessary' | |
| "To support jobs in the middle of a severe global recession, the government must stimulate the economy in the most immediate manner possible," said Mr Rudd. | |
| "The government remains determined to take whatever further measures are necessary," he added. | "The government remains determined to take whatever further measures are necessary," he added. |
| However, the cost of the measures - to be implemented over four years - will create a A$22.5bn deficit in the current fiscal year. | However, the cost of the measures - to be implemented over four years - will create a A$22.5bn 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. | "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. | Every school in the country will have a new or renovated building. |
| In addition, ceiling insulation, to be provided free to 2.7 million homes, will help Australia to cut its greenhouse gas emissions. | In addition, ceiling insulation, to be provided free to 2.7 million homes, will help Australia to cut its greenhouse gas emissions. |