stimulating package
Payments of the long awaited stimulus package have started to arrive into some bank accounts today. Single income families and low income families with school aged children will be the first to get the money. As for us, we will need to wait until next month before receiving ours.Eligible persons must have submitted a tax return for the 2007-2008 period, and had assessable income above the tax-free threshold of $6,000.
Experts believe that a quarter of the amount received by people is expected to be spent. That's not sufficient to provide stimulus to the declining conditions of the Australian economy.
So how much will you spend?
You might want to add the $900 to your home deposit. You better have a big pool of money already because the first home owners grant ends on 30 June 2009 (unless extended).
Or you could take the $900 and spend it abroad in Japan or Hong Kong, which really does defeat the purpose of the stimulus package stimulating the Australian economy. The Japanese economy could do with a bit of stimulating though. I allow and advocate spending there.
I know someone that has already run their credit card over by $900, so they've already spent it. They bought clothes. Another friend is spending it on a domestic holiday.
I think I might just save it, see my bank account increase, and thank the Government for being so generous. I'll spend it later, buying things I actually want rather than buying things for the sake of stimulating our economy. Besides, the clothes here don't fit me and that's what I really need more of right now.
So how will you spend it?
benny | Wednesday, March 11, 2009 
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