AU$ 28.8 billion for construction in Nation Building plan
By Richard High07 February 2009
Australian Prime Minister Kevin Rudd has announced an AU$ 42 billion (US$ 26.5 billion) Nation Building and Jobs Plan targeting infrastructure and low income households.
The country's Treasurer, Wayne Swan, said AU$ 28.8 billion (US$ 19.3 billion) would be invested in schools, housing and roads.
A further AU$ 12.7 billion (US$ 8.52 billion) will provide cash support and tax cuts for low-income families, to be paid next month.
The country's central bank has also cut interest rates to 3.25%, the lowest level in 45 years.
There are five major components of the Nation Building and Jobs plan, including:
Black Spots, Boom Gates, Regional Roads and Community Infrastructure
- 350 additional projects in the road accident prevention Black Spot Program and the installation of around 200 new boom gates at high risk rail crossings
- AU$ 650 million (US$ 436 billion) funding boost for local community infrastructure and maintenance on Australia's national highways
Build 20000 Social and Defence Homes
- Construction of 20000 new social housing units and 802 new houses for the Australian Defence Force.
- Urgent maintenance to upgrade around 2500 vacant social houses
Building the Education Revolution
- Build or upgrade large scale infrastructure, such as libraries and halls in every primary school, special school, and K-12s school in Australia.
- Build 500 new science laboratories and language learning centres in schools that can demonstrate need.
- Up to AU$ 200000 (US$ 134000) to every Australian school for maintenance and renewal of school buildings.
Energy Efficient Homes:
- Installing ceiling insulation in 2.7 million Australian homes which will cut around AU$ 200 (US$ 134) per year off the energy bills of these households
- Reduce greenhouse gas emissions by around 49.4 million tonnes by 2020, the equivalent of taking more than 1 million cars off the road
Small Businesses and General Business Tax Break
- A 30% in every dollar investment tax break for small and general businesses buying eligible assets.