Australia plans $26 billion stimulus package February 2, 2009

CANBERRA, Australia - Australia's leader unveiled a new stimulus package Tuesday to try to shield the economy from the global downturn, promising 42 billion Australian dollars ($26 billion) in spending that will send the budget into the red for the first time in nearly a decade.

The package comes on top of one launched late last year worth A$10.4 billion ($7.4 billion) and underscores the threat the downturn poses to Australia's resources-based economy, which has shuddered to a near halt since the worldwide financial turmoil began mid-last http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=AP&date=20090203&id=9515765