Govt to announce stimulus package
October 14, 2008 - 6:04AM
Federal cabinet is meeting to sign off on a massive financial stimulus package reportedly worth billions of dollars.
A spokeswoman for Prime Minister Kevin Rudd confirmed the meeting to AAP.
A spokeswoman for Mr Rudd said an announcement of the plan would not be made before midday (AEDT).
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Treasurer Wayne Swan was to arrive home on Tuesday morning from a trip to the US where he met with world financial leaders about the global financial crisis.
The stimulus plan comes after an earlier government announcement that the commonwealth would guarantee all bank deposits to help ease increasing nervousness in the wider economy.
Opposition Leader Malcolm Turnbull has offered broad support for the government's plan.
"What we hear is that at long last they're going to provide some additional resources to pensioners," Mr Turnbull told ABC Radio.
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The government could provide money to pensioners as well as for building projects.
"You can have the money for pensioners that goes immediately into the economy, but you must also make sure that you don't waste the money, that you start looking at projects the nation needs over the long-term."
Labor MPs are expecting the federal government to provide across-the-board relief for households in the economic stimulus spending package.
Government backbencher David Bradbury says the stimulus package will boost household budgets.
"(It should be aimed at) no individual or no particular group, but it is imperative that we boost our household budgets," he told reporters.
"We are not ruling anything out."
People right across the spectrum would be looking to the government for assistance through the economic crisis, the western Sydney MP said.
"This is a government prepared to take decisive action."
Labor MP Jason Clare hinted at an across-the-board measures to help households.
"We need to make the right decisions, not just for pensioners but for all Australians, to make sure that we get through these difficult financial times," he told reporters.
The government needed to put more money in people's pockets, he said.
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