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. [Read more…]