Page 1102 - Week 04 - Thursday, 29 March 1990
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We could attempt to spend to stimulate the local economy. But the impact would be limited and short term in effect. The consequences of such band-aid measures would only flow to future ACT budgets. More importantly, the effect on business confidence of an irresponsible fiscal policy, along with fears about future punitive taxes to service past extravagances, would be likely to cause a private sector contraction that would more than offset the direct impact of the Government's action.
We will be putting in place policies that will allow industries to develop and establish here. Industries which are sustainable, in an economic and environmental sense, and industries which are competitive in national and international markets. Government services to business will be tailored to those ends, and I made a statement on this subject only yesterday. We have to build on Canberra's many competitive advantages for business and address weaknesses which constrain investment and job creation.
Our efforts will be directed towards creating the right environment for business, whether large or small. I have already announced initiatives to review the ACT business environment to reduce unnecessary regulation. Small businesses, in particular, are often overwhelmed by government red tape and bureaucracy. We will cut that red tape and ensure that government agencies simplify regulatory requirements. This is a particular issue which I have referred to the Priorities Review Board for advice.
We will make Canberra an effective and attractive place in which to do business. We are actively responding to calls for more specific legislation dealing with taxation. It is our desire that taxation policies be clear and consistent and that they do not penalise investors in the ACT compared with other locations. In particular, we need to ensure that payroll tax legislation can be easily understood and complied with.
Our policies on planning and land supply will be responsive to market needs while protecting the environment and lifestyle of ACT residents. Appeal and approval procedures will be streamlined, while protecting the rights of interested parties. The necessary interaction between lease administration and planning authorities will be ensured.
We will encourage investment projects, both large and small, which help the ACT to develop new competitive strengths. We will focus particularly on the industries of the future, those which serve growing international and domestic markets, such as information intensive industries, in finance and business services, in research, in education, in tourism and in entertainment. We will encourage development in light manufacturing, warehousing and distribution and will ensure that our infrastructure programs are attuned to the needs of these industries.
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