Stimulus package to create 90,000 Australian jobs

The Australian Senate has approved Prime Minister Kevin Rudd's stimulus package to inject investment into crucial aspects of the Australian economy.

The package is designed to keep the northern hemisphere's recession from striking Australia, by increasing consumer spending and investing in infrastructure building such as schools, roads and hospitals.

Retail, material and home building giants will also receive a booster from the government, so that the major companies do not have to downsize majorly.

"It’s a short, sharp shock to boost spending and kick-start activity," said Craig James, senior economist at the Commonwealth Bank. "It’s not just handouts to individuals, it’s the fact you’re spreading dollars throughout the economy, and that gives you a multiplier effect."

The Government predicts that the package would not only provide a steadfast foundation for fighting off the recession, but would create 90,000 jobs. Further, a recent report from the Department of Immigration and Citizenship (DIAC) said that the Australian migration program is still seeking thousands of skilled workers to meet this financial year's target.

As it stands, the Minister for Immigration and Citizenship Chris Evans has promised he would keep the skilled migration quota at its record levels of 133,000, until the Government releases the 2009-10 Budget.

It is expected that during the UK recession this number would increase, particularly while Australia is showing signs of resilience against the recession and the Government is doing its best to stimulate the economy.

What’s more, the Government pays you to live in Australia!

Speaking at the Committee for Economic Development of Australia (CEDA), Malcolm Edey, assistant governor of the RBA spoke of reasons to expect the Australian economy will continue to perform better than its international counterparts in the difficult time ahead. “As in other countries, substantial monetary and fiscal measures have been taken to support growth, but an important difference is that the Australian financial system remains in much better shape than its international counterparts,” said Eden. Interest rate cuts have helped save the average family.

This is excellent news for the 133,000 skilled visa applicants expected this year and the middle-income migrants already working in Australia will benefit from a government handout up to $AU900.

In October, the Australian government tripled the grant for first time home buyers to $AU21,000. This incentive has helped attract thousands of prospective migrants and from the latest economic outlook the picture remains extremely positive to those who want to work and live in Australia.