Aussies get $5.2b as X'mas gift

Australia's government began to hand out more than $5.2 billion in cash to consumers ahead of Christmas, but some analysts say the money may not be enough to stop the country from sliding into recession.

The cash splurge comes after data showed the economy barely grew at all in the September quarter, when gross domestic product rose just 0.1 percent, its lowest pace in eight years, and with unemployment set to rise due to the global slowdown.

TD Securities senior strategist Joshua Williamson warned the spending package may not be enough to lock in long-term growth. "As the package is a temporary measure, any growth on the consumption side of the national accounts in the December quarter from the package will unwind just as quickly in the first quarter of 2009."