Page 256 - Week 01 - Thursday, 10 February 2022
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increased commercial property market activity, reflecting strong business confidence to invest in the territory.
There is, of course, always more to do, but the signs continue to be positive at the macroeconomic level in the knowledge that some sectors are impacted more than others. And this is why we have already announced measures for increased, yet targeted, business support and extended applications for our Small Business Hardship Scheme.
In my speech at the commencement of this year’s sittings I outlined that throughout the pandemic our priorities have remained the same: ensuring support for the most vulnerable in our community, investing in our public health response and protecting local jobs. It is that effective public health response to the pandemic that gives the community and business—employers and employees—confidence in our steps towards economic recovery.
The recent very strong retail trade figures and the weekly strong credit card spending data from the banks, as well as the data from APRA on the significant increase in the household savings rate, will support greater private consumption in the weeks and months ahead, all of which combine to give reason to be cautiously optimistic about our economic story and journey in the year ahead.
Unlike those opposite, who seem more than a little muddled in their economic philosophy, we have a clear plan that the community understands. I have said it before in this place: in the last few years we have all become Keynesians. I look across the Assembly and I think some opposite may struggle to make that particular outfit fit. We will continue to provide economic support when and where it is needed, but we will target it and it will be designed to protect local jobs.
We, of course, are not afraid to invest public finances to avoid the harsh realities of recessionary environments and the harsh realities that that can have on the long-term economic prospects of young people and women in particular. By investing today to support the economy, we are avoiding an even bigger loss of economic output and jobs that would damage the economy and our community for years to come, which would in turn, of course, place a larger strain on the territory budget in the future.
Whilst the Canberra Liberals flip between regurgitating their reflex conservative political lines against public spending and debt on some days of the week and on others calling for even more government intervention and assistance, we will get on with building solid economic foundations for the territory to reach our target of 250,000 jobs in our economy by 2025. And we will continue the strong and sustainable economic diversification of our economy.
It is the role of every government in Australia at this time to create an environment that drives up aggregate demand in the economy. It requires us to be bold and to take on more risk. Locally that means we will continue to create and shape markets that will encourage job creation in emerging industries in the territory.
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