All pension holders and families will get a pre-Christmas cheque from the Federal Government worth at least $1400 to help stave off an Australian recession.
Prime Minister Kevin Rudd and Treasurer Wayne Swan this morning announced a $10.4 billion "economic security strategy" which also includes a ramp up in the first home buyers grant scheme, more training places and an acceleration of the Government's infrastructure plans.
It follows the turmoil on global financial markets and forecasts that economic growth will halt in almost every developed nation.
Under the plan, all pensioners - aged, disability support, carers, veterans and those on the parenting payment - will get a $1400 lump sum payment for singles and $2100 for couples. People who receive the carers allowance will get $1000 for each eligible person in their care. Those who hold a seniors health car and self-funded retirees eligible for the senior health care card will also get the payment.
Families who receive Family Tax Benefit A will get a one-off payment of $1000, which is expected to flow to around 3.9 million.
The first home buyers grant will be doubled to $14,000 until June 30 next year, while it will rise to $21,000 for those who build a new house.
An extra $187 million will create an extra 56,000 training places this financial year.
Mr Rudd said the spending was equivalent to one per cent of GDP, and was all aimed at protecting the economy from the headwinds created overseas by the global credit crisis.
