Australia will embark on A$17 billion ($11.8 billion) of spending today to boost the economy amid the global financial crisis, Treasurer Wayne Swan said. The previously-announced money will go to pensioners, families and first-home buyers in addition to education, health and transport projects. The aim is to boost an economy that expanded at its weakest pace in eight years in the third quarter. “These new initiatives include large chunks of our plans for an education revolution, improving the health system and making sure families get a fair go,” Swan said in an e-mailed statement. “There’s still so much more to do.” Australia joins governments around the world that are boosting spending to buoy growth. The U.S., Japan and Europe are already in recession, prompting central banks to slash rates. The Reserve Bank of Australia’s most aggressive round of easing policy since a recession in 1991 has taken the benchmark rate to 4.25 percent. Since October, Swan, 54, has announced A$37 billion in new spending over the next four years. The A$17 billion program is part of the government’s broader spending plans and relates to payments that begin today and are spread over the next five years.

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