Page 3028 - Week 09 - Thursday, 13 October 2022
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Program, including a partnership with the Canberra Business Chamber, delivers a series of educational information, networking, and research activities to help ACT businesses in their export journeys. We provide trade-start adviser services. We have an in-market business development manager in Singapore. And the Office of International Engagement will this year bring online a customer relationship management system, which will bring all of the great work of the office to the fore and provide a more streamlined way of capitalising on the opportunities that we are generating.
I want to take this opportunity to acknowledge the winner of the 2022 ACT Chief Minister’s Export Awards, Nominal Systems—and I think you were actually at the event, Mr Assistant Speaker Cain. Nominal Systems will be representing the national awards, which are being held here in Canberra next month. But, as we look to opportunities for economic growth, we must look beyond the borders of the territory. That is where we will see the greatest economic opportunity.
I know I have been speaking for a while, but that is a brief snapshot of this entire output class and the work that is underway.
I will just speak briefly in response to some of the issues that were raised by other speakers during the debate. When it comes to business development, the numbers are very clear. The territory has gone from 27,500 businesses in 2018 to 33,918 in 2022. In most fiscal years between 2018 and 2022, the ACT has had the fastest rate of business growth in Australia.
Ms Castley asked what is in the budget for business. I have given a long outline of business development programs and activities within my areas of portfolio responsibility. I want to highlight two others. Each year we publish a Tax Expenditure Statement. It outlines the extent of tax concessions provided by the territory government to different sectors, to business, to charities and to low-income households. It is a very comprehensive statement. It is on the Treasury website. The biggest single tax expenditure that is undertaken by the territory government is $160 million of benefit to small and medium enterprises through the payroll tax threshold arrangements that we have in place—$160 million and growing each and every year, directly into the pockets of small and medium businesses. That is a very, very significant direct contribution that the ACT’s payroll tax arrangements put in place.
I would also draw Ms Castley’s attention to the fact that ACT businesses—small, medium and large—receive the lion’s share of a billion dollars of infrastructure and ICT projects that the government provides in the budget each year. That is a very significant proportion of the total territory budget, which is a little over $7 billion. There is a billion dollars of infrastructure spend and $160 million of payroll tax benefits through the high payroll tax threshold, not to mention all of the other programs that both myself and Minister Cheyne have touched upon.
Mr Milligan talked about sports infrastructure and seemingly indicated a change in position from the Canberra Liberals in relation to AFL in the territory. I was a bit surprised by that contribution, given what Mr Coe said in this place when the campaign to get the Giants to Canberra was in full swing. He said:
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