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Legislative Assembly for the ACT: 1996 Week 11 Hansard (24 September) . . Page.. 3306 ..

MRS CARNELL (continuing):

interest in the first year of 6.95 per cent. To be eligible, applicants must have a household income below $45,000. Eligible applicants will also be exempt from stamp duty - a further saving of $2,000 - and may also receive concessions on other start-up expenses. The total cost to the budget of Kick Start will be $5m over two years, and the building industry has indicated that it could provide up to 1,000 jobs in that sector.

To support our employment strategy, there must be an economic climate that is conducive to investment and growth. The Government will therefore be maintaining assistance to the private sector by extending the business incentive scheme, improving advisory services to small and medium enterprises, and for the first time establishing a business development fund. In 1995-96, benefits totalling $1.6m were provided under the ACT business incentive scheme to assist the development and relocation to the ACT of new enterprises. This assistance resulted in $8m of investment by the private sector, support for 180 jobs and potentially an additional 270 jobs. It is estimated that a further 200 direct and indirect jobs will be created from this program, which this year will be allocated $710,000 for direct grants to new applicants.

I can also announce today that a $2m business development fund is to be established in the ACT to provide financing for small- to medium-sized Canberra businesses that are seeking to develop. Discussions are under way with several major private sector firms about contributing to this fund, which will encourage increased investment and employment opportunities within the Territory.

Mr Berry: "Discussions are under way".

Ms McRae: "Don't you think it is a good idea?".

MRS CARNELL: It is interesting. They think it is. The Government has also recently agreed to provide accommodation in Wanniassa to house Canberra's third business incubator and service Tuggeranong's growing small business community. The incubator will be operated by the Canberra Business Centre from the former John Knight Hostel in Wanniassa, together with its two existing centres in Kingston and Downer.

The Deputy Chief Minister will soon be launching an exciting new initiative to be known as the Canberra business migration strategy. In 1996-97, it is estimated that 74,000 migrants will enter Australia. Approximately 7,000 of these will be eligible to migrate under the business skills program. The strategy the Government will be unveiling is designed to increase the number of business migrants who settle in the ACT and contribute to our economic growth. Assistance will include access to our business incentive schemes, measures to enable migrants to meet the investment criteria, the creation of a register of business and investment opportunities, and access to a network of mentors who could provide support to migrants and their families. The Department of Business, the Arts, Sport and Tourism is to become much more focused on providing services which will attract this investment and also support other economic activities such as opportunities associated with the Sydney Olympics and the 2001 Centenary of Federation.

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