Page 1500 - Week 06 - Tuesday, 18 May 1993
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any State or Territory. This compares with the national growth rate of 1.9 per cent. A strong level of business investment in the ACT is also evident. Private expenditure on equipment for 1991-92 increased by 51.4 per cent over the previous year to a level of $262m. Total capital expenditure in the private sector was over $1 billion in 1991-92. This is an increase of 38.1 per cent over the previous year, compared to a fall of 10.7 per cent nationally.
In the five years to April 1993, the ACT labour force has grown by 15 per cent, compared with 8 per cent for Australia as a whole. What is most encouraging is that the private sector now accounts for around 53 per cent of employment in the ACT, an increase of five percentage points over the last five years. The housing finance figures for March 1993, released yesterday by the ABS, also show an encouraging picture for the ACT. The total value of finance committed for housing in the ACT in March was nearly 40 per cent higher than in March 1992. The figures show that the demand for housing is growing across all categories, including the construction of new houses. Madam Speaker, these figures reflect the reality that the ACT Government is creating a business environment in Canberra that supports private sector investment and growth.
Madam Speaker, the Government's initiatives have not been developed in isolation from the views of the broader community. In 1992, I established the Economic Priorities Advisory Committee of the ACT, EPACT. With representatives from industry, unions, our tertiary institutions and the wider community, EPACT has proven to be a sound source of advice on the economic issues facing the ACT. I am pleased to inform the Assembly that EPACT will be continuing its valuable work. I have asked that EPACT focus its attention on the economic and business environment in the ACT. This will include looking at ways that the Government and the private sector can work together to achieve our goals for the ACT. Reflecting this emphasis in EPACT's work, I am pleased to announce the membership of EPACT for the forthcoming year. Professor Fred Gruen, of the economic program at ANU's Research School of Social Sciences, will continue to chair the committee. Madam Speaker, I table the list of the members of EPACT. The first meeting of the new EPACT will be held later this month.
Madam Speaker, I am pleased to table in the Assembly today EPACT's third major report to the Government - a business development strategy for the ACT. This strategy identifies ways of building on the Government's existing policies to further improve the business environment in the ACT and to encourage the growth of existing and new businesses in the ACT. The ACT is well placed in these areas, but the Government is not content to rest on its record, no matter how good. We will be examining the report carefully over the coming months to find ways of making further improvements to the business environment.
One initiative we are already pursuing is to promote Canberra as a good place in which to set up a business. On 19 March, I launched the Canberra investment promotion program. The program is a joint effort by government and industry to promote our city, both interstate and overseas. It aims to increase awareness of Canberra as a place in which to do business and gives the private sector information to pass on to their clients and contacts. The program is a practical demonstration of how government and business can cooperate in selling the benefits of Canberra. In the two months since I launched the program, officers of my department have made some 30 individual presentations to senior business people and representatives of industry associations. Over 500 promotional kits,
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