by Calculated Risk on 2/03/2009 01:29:00 AM

From Bloomberg: Australia’s Dollar Strengthens After Rate Cut, Stimulus Plan

[T]he government said it will spend A$42 billion ($26.7 billion) on grants and infrastructure to counter the impact of the global financial crisis. The Reserve Bank of Australia lowered its benchmark rate 1 percentage point to 3.25 percent, two hours after the stimulus package was announced.
...
Australia’s stimulus package includes A$12.7 billion in grants to families and low-income earners and A$28.8 billion for infrastructure. It will help send the nation’s budget into a A$22.5 billion deficit, the first shortfall since fiscal 2001-02.

This is about 4% of GDP, or the equivalent of close to a $600 billion stimulus for the U.S. (as percent of GDP). Although Australia had a housing bubble, they also had a budget surplus and a trade surplus - so I think they are in a stronger position than the U.S. or the U.K.