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Monday, February 2, 2009

stimulus anyone?

Posted by AccGURU

Govt to release second stimulus package today


The Federal Government is expected to release its second economic
stimulus package today to further counter the effects of the global
economic crisis on the domestic economy.

As part of the package, expected to be in the billions, free ceiling
insulation will be provided for more than 2.5 million homes.

The Government says the move will save families about $200 a year on
their energy bills and create jobs for people to install the insulation.

The scheme will be available for 2.2 million owner-occupied homes and
another 500,000 rental properties.

The package is also expected to include infrastructure spending and
measures aimed at boosting employment.

The announcement comes after Prime Minister Kevin Rudd yesterday
revealed that the crisis had punched a $115 billion hole in government

Opposition housing spokesman Scott Morrison says the package must
ensure effective spending and says the insulation scheme is already 12
months late.

"We've already been waiting 12 months for the initial measure to be
introduced so they're largely playing catch up on their own policy on
this and they've dressed it up as a stimulus measure," he told ABC 2
News Breakfast.

"It's clear that the cash splash before Christmas did not have the
intended effect and they're going to have another go round and we're
waiting to see what the details of that package is," he said.

The Reserve Bank of Australia is also tipped act against the negative
effects of the crisis today by slashing the cash rate by 100 basis points.

Last October, the Government released a $10.4 billion economic
security strategy, which provided almost $9 billion in one-off cash
payments to pensioners and some families.



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