Australians will get the $900 cash bonus they had hoped for after all. Senator Nick Xenophon joined with the Coalition to scuttle Prime Minister Rudd‘s stimulus package. Subsequently, this Thursday, Australia became the first country to vote down a stimulus package, designed to head-off a recession during the economic crisis.
The Prime Minister immediately reintroduced his emergency economic plan into Parliament and the package passed in a rare Friday sitting. The amended package will leave low-income workers and single-income families $50 short. They will not get the promised $950, but $900. Those earning less than $80,000 will too receive $900, while people on incomes of between $80,000 and $90,000 will receive $600, and those earning between $90,000 and $100,000 will get a $250 bonus. The savings on this package will go to aid the jobless. Children from low and middle-income families will too receive $900. Students and people outside of the workforce will receive $900 to spend on learning and training. The current plan is expected to boost the economic growth from 0.5 to 1.0 point in the next two years.
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