Australia unveils nation-building budget

The government expects unemployment to peak at 8.5 percent in 2010-11 and does not foresee a surplus until 2015-16, according to details the federal government announced on its Web site.

The budget will invest $4.5 billion (US $3.4 billion) in a Clean Energy Initiative that eyes a low-pollution economy, thanks to reliance on solar energy, carbon capture, and the development and use of renewable technology.

Under the nation-building plan, the government will invest $8.5 billion (US$ 6.5 billion) in roads, metro rail and port infrastructure. Of that, more than half will be dedicated to the construction and planning of nine metro rail projects across the country.

Another $3.2 billion (US $2.4 billion) will focus on hospitals and health infrastructure, while $2.6 billion (US$2 billion) will go toward universities and schools.