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Legislative Assembly for the ACT: 2000 Week 6 Hansard (23 May) . . Page.. 1580 ..

investment in a clever caring community building its social capital is this budget's real bottom line, Mr Speaker.

Building Social Capital

I use the term "social capital". Social capital is not a new concept for our community, but the extent to which government is involved in it, fosters it, and continues to build it is very much a theme of this budget. In a first for any Australian government, we have included a supplementary budget paper on building social capital which defines what we mean when we talk about partnerships in our community, interdependence, trust and values.

Social capital is considered the fourth dimension of a functioning economy. It adds to the market concept of financial capital which covers property and equipment; environmental capital such as land, farming and mining; and human capital that includes the skills and education of the work force. Social capital exists in the reciprocal relationships between people who know and trust each other, and who have shared interests and beliefs. These relationships operate for the benefit of all involved. They are generated when people come together in families, at work, neighbourhoods, sporting, social, religious and local organisations, and formal as well as informal meeting places.

A community with high social capital supports and includes its disadvantaged members, enabling them to participate in valued social and economic roles. Strong social capital underpins high quality of life. Family and community support enriches people's lives and provides them with a stock of resources to maximise their potential. The ACT government is taking the lead in Australia in building on the unique aspects of the Canberra community to strengthen its social capital.

In this budget, we have had a critical look at ways we, as a government, can help the community to help itself. Fundamentally, that makes this budget a liberal budget-not a conservative budget but a liberal budget.

The government is today announcing $3.5 million in new expenditure in the coming year, rising to $4.5 million in future years, to build social capital in areas of our community which need it most. This money will fund 19 specific initiatives which are described in detail in the supplementary budget paper entitled Canberra: Building Social Capital-Budget 2000. The programs are innovative, well targeted and especially designed to support young people, particularly those at risk, and families I am pleased to tell the Assembly today that the initiatives funded from this program include the following:

For our young people:

  • $700,000 to strengthen links between schools and the local communities linking schools, children and families in targeted before and after school programs, particularly for those at risk.