Page 2205 - Week 07 - Tuesday, 2 August 2022
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Population
After the recent release of the 2021 census data, the ABS had to rebase the size of the ACT population by almost 22,000 people. The reality of that was that our population was five per cent larger than previously estimated and that this was not being accounted for in the federal financial relations system.
So, in the simplest possible terms, for most of the past five years, the ACT has not been receiving its true population share of national funding. That will now change, and that is reflected in this budget.
In light of certain commentary—over the years and recently—about the desirability of living in Canberra, it is worth repeating that we have experienced the fastest population growth of any jurisdiction in the nation over the last 10 years. Canberra is a great place to live. Our population has grown from 370,000 to 455,000 over the last decade.
People have voted with their feet. They want to live in Canberra, and we expect strong population growth to continue with a further 30,000 people expected to be living in Canberra over the forward estimates period of this budget.
Fiscal outlook
When I released the Budget Review in March this year, I expressed cautious optimism about our city’s economic outlook and the budget bottom line.
I acknowledge that we are still living in an uncertain economic environment and the need for caution remains, but the strong economic recovery and the population growth have led to an improving fiscal position.
Since the 2021-22 budget I delivered in October 2021, the ACT budget position has improved by over $800 million over the four years that were reflected in last year’s budget.
The general government sector headline net operating balance continues to improve each year over the forward estimates, demonstrating a steady trajectory of fiscal repair over time.
I repeat what I have said throughout the pandemic: now is not the time to embark on austerity budgeting and indulge in a failed, ideologically driven, debt and deficit fetish espoused by the right wing of the Liberal Party.
The government will stick to our plan: to return the budget back to balance over the medium term, meanwhile investing in the services and infrastructure that the fastest-growing state or territory in the nation needs.
That is why, through the 2022-23 budget, the government has focused on: delivering high quality services for our fast-growing population; addressing cost of living pressures; continuing to invest in Canberra’s people and places; and delivering our long-term plan for services and infrastructure.
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