Australia-Government aid for farmers.

AUSTRALIA-BOOST FOR FARMERS.

The Government will speed-up spending on infrastructure projects and will roll-out tax breaks and family bonus payments as part of a $42 billion economic stimulus package, unveiled in Canberra today.

The Government marked the start of the parliamentary year with the announcement of a second stimulus package in three months which it calls a Nation Building and Jobs Plan, with something for everyone – including farmers – in the big spend up to save jobs and keep economic growth positive.

It unveiled a $28.8 billion plan to invest in schools, housing, energy efficiency, community infrastructure, roads and support to small business.

The Government will also provide an immediate stimulus of $12.7b with tax bonuses, family bonus payments and back to school payments and farmers’ hardship bonuses.

It’s also updated its economic and fiscal outlook figures, and instead of the $5.4 billion surplus forecast in November, the Government now estimates the budget will record a $22.5b deficit this year.

The Government says growth this year is expected to now be 1pc (compared to 2.75pc in the May 2008 Budget), with those forecasts boosted by 0.5pct in 2008-2009 as a result of the plan.

Treasury estimates suggest the plan will support up to 90,000 jobs over the next two years.