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Kevin Rudd’s $42 billion stimulus package finally received the green light from the senate on Friday afternoon after coming to an agreement with Senator Nick Xenophon over funding for the Murray-Darling Basin.
The package had failed to make it through the senate on Thursday after Mr Xenophon sided with the Coalition as a result of the government's rejection of his calls to fast track funding for the environmental initiative.
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Just hours after prime minister Rudd’s package was approved, US president Barack Obama’s stimulus package also won congressional approval.
The US package, worth US$787 billion (A$1.2 trillion), is even greater in size than measures announced to combat the Great Depression.
While many economists fear the package will not be enough to steer the US economy out of its current plight, coordinated fiscal measures from economies across the globe are expected to assist the global economy in its recovery.
Global stimulus measures are expected to lift global GDP by 1.7 per cent, according to JP Morgan, The Australian Financial Review reported today.
