KEY POINTS:
CANBERRA - Finance Minister Bill English flew into Canberra yesterday for talks with senior Australian ministers as Prime Minister Kevin Rudd unveiled a A$42 billion ($53 billion) package to stop his nation sliding into recession.
Mr English will hear details of Canberra's latest response to the global financial crisis from Treasurer Wayne Swan, who framed a package that will pump federal cash into the pockets of millions of Australian families, and thousands of schools, businesses, roads and local communities.
He will also meet Deputy Prime Minister Julia Gillard, Finance Minister Lindsay Tanner and Infrastructure and Transport Minister Anthony Albanese.
Although Wellington is unlikely to follow Mr Rudd's pump-priming - before yesterday's package he had already committed more than A$30 billion to emergency measures - New Zealand could benefit.
Australia is the nation's largest trading partner - taking about 20 per cent of our merchandise exports - and two-way investment reached more than A$113 billion in 2007.
Any boost to consumption and economic activity would help to bolster New Zealand's outlook.
Unlike the Key Government, Mr Rudd is sending his Budget into deficit for years.
He said yesterday that while there were no guarantees his package could save Australia from slipping into recession, he would move heaven and earth to try to avoid it.
Mr Rudd also said he would use any means he could to protect jobs.
"The alternative is to throw another 100,000 Australians out of work.
"I'm not prepared to do that."
Tax bonuses totalling A$8.2 billion and worth up to A$950 each will be paid to people earning less than A$100,000 a year, including single-income families.
Schools will be given cash to build or renew facilities and insulation will be provided for almost three million homes.
