Page 1325 - Week 05 - Wednesday, 12 May 2021
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end of this year, again helping to contribute to our jobs target by creating thousands of new local jobs through the construction phase.
It is well acknowledged that we are a national leader on climate action. In taking the next steps towards a zero net emissions future we are helping Canberra households to invest in renewable energy upgrades and creating up to 2,000 sustainable jobs through this important ACT government program. As the commonwealth continues to play politics on the very serious issue of climate change, it is reassuring to see state and territory governments moving to fill the void and provide hope for a more sustainable future in this country.
We know some industry sectors have been particularly hard hit by the pandemic. Some received some support last night in the federal budget but others were clearly left out. Our jobs and economic recovery plan prioritises employment growth across key sectors, including retail, tourism and hospitality, construction and housing, and the arts and creative industries, while also strengthening our city’s innovative and high-growth industry sectors such as cybersecurity, space, health innovation, advanced manufacturing and, of course, renewable energy. These are the jobs of the future and it is from there that the territory’s jobs growth will come over the coming years. We will also ensure that our city is best positioned to compete with jurisdictions around the globe for these jobs.
The ACT faced the early days of the COVID pandemic on the back of a robust economic position driven by strong population growth, low unemployment and a strong pipeline of ongoing investment. The territory has not emerged from this period unscathed, but our quick and effective public health and economic responses meant that today the ACT continues to be one of Australia’s strongest economies.
The jobs and economic recovery plan sent a clear message about the ACT government’s determination and our decision to invest in Canberra and Canberra’s future, giving businesses the confidence to co-invest with us to make investment decisions of their own but, most importantly, to keep employees working.
The latest CommSec State of the States report has ranked the territory in second spot overall with the ACT leading the country on relative economic growth, unemployment and retail trade. Economic activity in the ACT in the year to December was 22.1 per cent above the territory’s decade-average level. That is quite a remarkable result in the face of a global pandemic.
The report also found retail spending in the ACT was the strongest in Australia and 19.4 per cent above the territory’s decade average, reinforcing the importance of supporting households through the pandemic. Through that support, households felt confident to be able to spend in our economy which, in turn, supported the business sector. State final demand grew 1.3 per cent in the December quarter following a 2.4 per cent increase in the September quarter. Pleasingly, that growth was largely driven by a recovery in private sector activity.
The statistics I have mentioned highlight why it was that private consumption rose by 4.2 per cent in the December quarter. What that meant in real terms in the real
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