RBA, government plough $6,000 into families
Taxpayers earning less than $80,000 will receive a $950 bonus from the federal government, plus a back-to-school bonus payment of $950 per child. A household with a typical $300,000 mortgage will save $186 per month or $2,220 per year after the Reserve bank cut interest rates by one per cent yesterday. The Prime Minister Kevin Rudd said he would "move heaven and earth" to keep the economy in good health. The economic stimulus payments are part of a package of measures designed to save or create 90,000 jobs. The government says it still expects 300,000 jobs to be lost this year.
Source: Herald Sun