Friday, January 23, 2009

Rudd confirms $4bn rescue for construction industry

clipped from
Rudd will attempt to protect 50,000 construction jobs by creating a $4 billion partnership with the major banks to finance office buildings, shopping centres
Taxpayers will provide $2 billion
a third of jobs in the commercial property sector, which employed 150,000 people, were at risk because of weak demand and the tight availability of credit.
The Government said this week it feared a credit shortfall resulting from the withdrawal of cash-strapped foreign banks from the Australian market.
About $75 billion of outstanding loans are due to be refinanced over the next two years.
"The Government will not sit idly by and watch these jobs and small- and medium-size businesses be wiped out by fluctuations in global credit markets," he said.
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