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The Rudd government's economic stimulus package has been received with a lot of cautious optimism by the Australian public. However, this optimism is somewhat premature, as the package contains just three components, namely the Jobs and Competitiveness Package, the Future Fund and the Company Tax Break. The package contains some important initiatives, but it seems incomplete given the fact that these are part of macroeconomic drivers such as the economy, unemployment and consumer price index (CPI) inflation. Furthermore, it does not contain measures to address one of the biggest issues facing the economy, which is the over-all imbalance in the country's financial resources.

In the current scenario, Australia's economy needs support from the international financial institutions in order to emerge from the global recession. The Rudd government has therefore offered its assistance to the United Kingdom in its bid to repair its economy. The UK has expressed its willingness to work with Australia in the financial services sector, and there have been indications that a deal can be struck between the two countries soon. If a deal can be struck, then the incoming Labor government has a good chance of securing the economic stimulus package that it so desperately wants.

The package will also help Australia achieve its goal of reducing its deficit to 2.5 percent of gross domestic product (GDP), which is well above the low and moderate levels associated with recession. This is very important in international terms, as a high debt to GDP ratio indicates that an economy is struggling to cope with external factors and is unable to adjust to the circumstances. Australia's debt to GDP ratio is currently sitting at around five percent, well above the average of about three percent. The low level of debt is expected to be brought down, which will help the economy recover from the recent slump.

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The package is also likely to help spur business activity in Australia, as firms are anticipating a pick-up in business spending, and more investment in infrastructure as the economy begins to recover. With unemployment expected to fall below the official unemployment level of 7.1 percent, and interest rates remaining at current levels, this could prove to be a very positive step forward for the economy. For a struggling Australian economy, this is a very important boost indeed.

However, the government needs to ensure that the package it is providing to businesses does not contravene the rights of any individuals who have access to capital. The assistance package will need to ensure that any measures introduced do not alter the existing restrictions on home loans or negatively affect potential investment. This includes measures such as a reduction in stamp duty, increased capital gains tax allowances, and changes to the insolvency laws. In addition, the package must not be passed in order to fund the reintroduction of the Family Credit Act, and the measures introduced to combat fraud and foreclosures are likely to result in a reduction of housing values. Any deviation from the original intent of the stimulus package could result in dire consequences for ordinary Australians.

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If the economic stimulus package the government has prepared adequately covers the concerns of business, then it will have successfully completed its task of providing economic support to businesses and assisting the economy grow. There will undoubtedly be many concerns that remain though, including how the funds provided by the package will be spent, and whether the measures introduced to combat fraud and foreclosures will have a negative impact on property prices. It is hoped that the introduction of the stimulus package will prove to be a major boost to Australia's economy. However, caution is required when relying on the positive side of the argument to judge the effectiveness of the package.

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