Page 1876 - Week 07 - Tuesday, 14 June 1994
Next page . . . . Previous page . . . . Speeches . . . . Contents . . . . Debates(HTML) . . . . PDF . . . .
The deficit on the Consolidated Fund is contained to $64.5m. This will be met with a very modest borrowing program of $36m. Internal funding will cover the remaining deficit. The higher than expected receipts in 1994-95 compared to the forward estimates have been used to reduce borrowings. Madam Speaker, we face the rest of the adjustment period with very low debt and very low cost of servicing that debt. Our strong financial position, the result of our responsible budget policies, means that future budgets can address the difficult period of adjustment and meet social justice objectives. Our policies have secured, and will continue to secure, the financial future of the Territory.
This budget includes significant initiatives. The future of the Territory requires a strong business sector working in close partnership with government to create jobs and wealth to fund the services and amenities all Canberrans want to enjoy. The budget recognises and invests in that future. There are no new taxes or imposts for business. Business will benefit from reduced petrol prices, electricity charges and municipal rates. Our major growth industries will be boosted by measures aimed at opening opportunities for local firms in international markets. I have also recently released for public comment proposed changes to the Government's purchasing policy. The changes are aimed at maximising the opportunities for local firms to compete effectively for government purchases.
Madam Speaker, the Government will spend $1m over the next four years marketing the ACT in Japan as a tourist destination. This will capitalise on opportunities identified by the business delegation to Japan that I led last year. Companies in our expanding information and advanced technology industry will also be assisted to exhibit their products at a major trade fair in Hanover, Germany, in 1995. These actions, together with the initiatives of public enterprises such as ACTEW and the Canberra Institute of Technology, are helping to establish potentially lucrative ties for the Territory overseas. One of these initiatives, the Australian International Hotel School, is expected to commence studies in February 1995, with the training hotel opening for business soon afterwards.
The Government will provide $3m for the first stage of an advanced technology manufacturing estate in Canberra. This will provide serviced blocks for new industries as well as provide an opportunity for existing industries to upgrade and expand their facilities in a business park setting. We are also providing $2.3m for infrastructure for office developments in the York Park precinct. The taxi industry's ability to meet consumer demand, especially from the strong flow of visitors, will be improved with the auction of a further eight taxi plates.
Despite the ACT's relatively strong economic performance, the level of long-term unemployed here remains unacceptable. A total of $4.1m will be provided in the coming year for labour market related programs for the unemployed. This is an increase of 8 per cent over 1993-94. Two key programs are the Jobskills program, which will receive some $1.75m to assist long-term unemployed people, and Youth Joblink, which will
Next page . . . . Previous page . . . . Speeches . . . . Contents . . . . Debates(HTML) . . . . PDF . . . .