09 May 2006

Australian economy in a strong position

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The Australian Government is proposing tax cuts worth 37 billion Australian dollars over the next four years.

Australian Treasurer Paul Costello announced the cuts in his budget speech yesterday. The proposed changes, according to Costello, will cut the country's unemployment rate which is already at a 30-year low.

Costello said the proposed changes will provide a further incentive to those outside the workforce to re-enter and those on part-time hours to take on additional hours.

The Australian unemployment rate currently stands at 5 percent.

Costello further reported that the Government is expecting a significant budget surplus and forecast that the country's economy would grow at a rate of 3.25 percent over the next 12 months.

Mr. Costello also proposed to boost the number of places available for childcare by 25,000 by 2009.

With a Conservative majority in both houses of the Australian parliament, the measures are almost sure to pass.

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