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Government Stimulus Package to Help 80,000 Unemployed Australians
Australia, June 16, 2009 – Australia’s stimulus package is expected to put 80,000 long-term unemployed people back into the workforce over the next decade. The $52 billion stimulus pumped into the economy, raised economic growth by 2.75 percent in 2009-2010 and by 1.5 percent in 2010-2011. The budget is also projected to decrease the forecast jobless rate from 10 percent to 8.5 percent.
This would also mean additional revenue for the government. According to Treasurer Wayne Swan, the Treasury modeling indicates that the additional people working could lead to lower spending on unemployment benefits – saving the government over $4 billion in four years.
Additionally the higher incomes is expected to deliver an extra $23 billion in tax revenue, said Swan in a breakfast address to the Committee for the Economic Development of Australia.
Treasury estimates the stimulus packages would prevent 210,000 people from losing their jobs, said Swan. It is estimated to deliver $100 billion in earnings over the next ten years.
“Despite the success of our stimulus, there’s still a rocky road ahead when it comes to the employment challenge in Australia, as the global recession continues to batter our people and our business,” Swan added.
Source:
news.brisbanetimes.com.au
