The Federal Government has announced an “economic security package” containing 5 initiatives worth $10.4 billion, including a boost to pensions, assistance to first home buyers and low income earners, more training places, and a “bringing forward” of infrastructure plans.
Speaking at a joint press conference with the Treasurer, Wayne Swan, the Prime Minister, Kevin Rudd, said that from December 8 single pensioners will receive a lump sum payment of $1,400 in December. Couples will receive $2,100. This payment will carry pensioners through until the next budget when the government’s review of pension arrangements will be announced. This measure is worth $4.8 billion.
There will be a $3.9 billion package of assistance to low and middle income earners. Around 3.8 million dependent children and children in various forms of care will receive a one-off payment of $1,000 on December 8.
The government will double the first home buyers grant to $14,000. First home buyers who build a new house will receive $21,000, in an attempt to stimulate the construction industry. This measure is worth $1.5 billion.
The government will spend $187 million to provide 56,000 training places in 2008-09.
Rudd said the government’s “nation building agenda”, particularly in relation to eduction, health and hospitals would be brought forward with announcements now scheduled for December.
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About Malcolm Farnsworth