Page 378 - Week 02 - Tuesday, 22 March 2022
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Later this week, I will table the territory’s budget review. This will provide an update on the government’s financial forecast projections and economic indicators over the forward estimates period, which, as I have previously indicated, will be an improvement on the fiscal and economic outlook outlined in the 2021-22 budget delivered last year. The budget review will be delivered with a dual focus in mind, continuing the necessary measures to address the immediate public health emergency and investing to improve the wellbeing and quality of life of Canberrans.
The ACT government will continually build on and deliver our values-based vision for economic growth now and into the future. It is with all this in mind, Madam Speaker, that I have cautious optimism about our economic prospects over coming years. That is not to say that there are not risks on the horizon. I say “cautious” because we can see the immediate or anticipated impact of inflationary pressures, the potential tightening of monetary policy settings, the significant geopolitical instability the world is experiencing and the broader spectre of housing affordability. So we must plan for the upside and the downside.
With that, let us look to the future and our economic development priorities. As part of launching the priorities for the coming years, we reached out to some of Canberra’s prominent change makers, seeking their view on our city and its future. As the chair of the CBR Innovation Network, Hala Batainah, has said, Canberra is a community that is not afraid to stand up for our values, to lead and to stand out.
This city is recognised as a progressive, sustainable and innovative city that values knowledge, people and ideas. Our economic future is looking bright. And it is time to look to the future with confidence and with cautious optimism—a future that will firmly place Canberra as an even more attractive city in which to live, work, study, do business and, importantly, invest in.
Last year, I convened an economic advisory group to reflect upon our 2016 statement of ambition and advise on how we could recalibrate in the post-pandemic world. The group did this together with Dr Tim Williams, who co-authored the 2016 statement and who has again shared his expertise and passion for our city. The starting point for this work was an evaluation of the outcomes of the 2016 statement. So let us look to those.
As I have mentioned, since 2016 our economy has grown by 20 per cent, our population has grown by more than 29,000, and we have welcomed more than 5,300 new businesses. Pre-pandemic, our international education sector became the first $1 billion export industry for the territory and our largest services export. Our visitor economy achieved an annual expenditure of $2.5 billion in March 2020. We delivered the transformation of the Northbourne corridor with the first stage of light rail. We have refreshed our CBD and are renewing our town centres.
We have attracted and retained talented people, specifically through our investment in the CBR Innovation Network, that has in turn added $100 million to the economy and helped to create more than 400 new jobs. We set an ambitious target to achieve 100 per cent of our electricity from renewable sources by 2020, and we got there. We
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