Australia Passes $42 Billion Stimulus Package

The plan includes A$12.7 billion in payments to low and middle income earners and A$28.8 billion for schools, bicycle paths and environmental projects. The package is equivalent to 1.3 percent of gross domestic product this fiscal year and 2 percent next, according to Treasury forecasts released last week.

Upon the passage of the legislation, the Prime Minister, Kevin Rudd, set the scene for the economic battle ahead by goading the Opposition for voting against the legislation. "Today, the dividing line between us in this Parliament is clear and has been drawn - between those who will stand up for the nation and its long-term interest and those who have stood up only for themselves," he said.