Australia has unveiled a AUS $10.7 billion (US$7.25 billion) economic stimulus package in a bid to counter a slowdown caused by the world financial crisis.
'The global financial crisis has entered into a new dangerous and damaging phase, one that goes to the real economy - growth and jobs,' said the country's Prime Minister Kevin Rudd.
'That's why the government has decided to act decisively and early on the question of this economic security strategy for the future,' he said, stressing the need to underpin Australian economic growth.
The surprise package - equivalent to 1% of gross domestic product - primarily targets pensioners, low and middle-income families, carers and first-home buyers, and is aimed at boosting consumer spending.
The Australian government will set aside $4.8 billion for an immediate down payment on long-term pension reforms and $3.9 billion for support payments for low and middle-income families.
A further $1.5 billion will go towards helping first-time buyers purchase a new home.
In addition, $187 million will be used to create 56,000 new training places, and the government will also speed up major infrastructure projects.
