This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7887517.stm
The article has changed 2 times. There is an RSS feed of changes available.
Previous version
1
Next version
Version 0 | Version 1 |
---|---|
Australian stimulus plan approved | Australian stimulus plan approved |
(about 4 hours later) | |
Australia's Senate has passed the Labor government's A$42bn ($27bn; £19bn) stimulus plan after the bill was blocked during an earlier vote. | Australia's Senate has passed the Labor government's A$42bn ($27bn; £19bn) stimulus plan after the bill was blocked during an earlier vote. |
It was approved after the government reached a deal with an independent senator who had earlier joined the Liberal Party-led opposition. | It was approved after the government reached a deal with an independent senator who had earlier joined the Liberal Party-led opposition. |
Prime Minister Kevin Rudd says the bill is vital to boost the economy amid a global economic slowdown. | Prime Minister Kevin Rudd says the bill is vital to boost the economy amid a global economic slowdown. |
On Friday the Australian Senate backed the bill by 30 votes to 28. | On Friday the Australian Senate backed the bill by 30 votes to 28. |
Labor does not have a majority in the Senate, and some compromise had been expected. | Labor does not have a majority in the Senate, and some compromise had been expected. |
'National interest' | 'National interest' |
The approval came after the government agreed to A$1bn in extra funding for water projects. | The approval came after the government agreed to A$1bn in extra funding for water projects. |
"I'm pleased to say I believe we have been able to reach a compromise, which while not giving everybody what they want, may give everyone what they need," said independent senator Nick Xenophon, who had blocked the plan a day earlier. | |
Treasurer Wayne Swan, who led the negotiations with Mr Xenophon, said: "We are prepared to act in the national interest. | |
"That's what governs the fiscal stimulus package in the first place." | "That's what governs the fiscal stimulus package in the first place." |
The bill had already passed once through the House of Representatives, the Senate's lower chamber, where Labor has a large majority. | The bill had already passed once through the House of Representatives, the Senate's lower chamber, where Labor has a large majority. |
It will now return to the lower house in its amended form for a further vote. | It will now return to the lower house in its amended form for a further vote. |
The plan proposes spending A$28.8bn on schools, housing and roads over four years. | The plan proposes spending A$28.8bn on schools, housing and roads over four years. |
In addition, it wants to dedicate A$12.7bn on tax breaks for small firms, and cash handouts for eligible workers and students. | In addition, it wants to dedicate A$12.7bn on tax breaks for small firms, and cash handouts for eligible workers and students. |
The opposition has called the stimulus plan financially irresponsible. | The opposition has called the stimulus plan financially irresponsible. |
Opposition leader Malcolm Turnbull had said the government was treating parliament with "disingenuous contempt", accusing it of refusing to negotiate a less expensive package. | |
But business leaders had expressed their frustration at the Senate's earlier rejection of the stimulus plan. | But business leaders had expressed their frustration at the Senate's earlier rejection of the stimulus plan. |
"No other nation's parliament has refused a major stimulus package in the current environment of unprecedented global economic downturn," said the Australian Chamber of Commerce and Industry. | "No other nation's parliament has refused a major stimulus package in the current environment of unprecedented global economic downturn," said the Australian Chamber of Commerce and Industry. |
Previous version
1
Next version