Page 85 - Week 01 - Tuesday, 7 December 2004
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The single biggest challenge facing the government and the community is the need to further diversify the ACT economy. Much progress has been made, but there is still too high a proportion of every dollar spent that at source relies on government.
The point needs to be made that we do not want simply to replace public with private; rather we want to grow private without seeking to reduce the very important role government plays in the economy. We must remember that the public sector often provides a buffer for Canberra when the private sector struggles or hunkers down in the face of adverse conditions.
I firmly believe that this government’s record in business, and economic development more generally, is one of strategic success. This contrasts with some events in previous years. For the first time in Canberra’s history, the city has a coherent, integrated plan for the future. It is a plan that is bearing fruit right now.
I can report to the Assembly that we have implemented much of what is in the white paper. We have earmarked $130 million expenditure to support that report. The key philosophy underlying the white paper has been to focus effort within. Our priority is to work with the companies, institutions and business people that have committed to the territory. This government is of the view that Canberra is better off developing its own enterprises rather than buying business from elsewhere. We will continue to foster and grow locally.
It is clear that we have been on the right path for three years. We now have more businesses strutting their stuff on the national and international stages than before, and more are emerging as I speak. The ingenuity, innovation, entrepreneurship and enterprise resident in this city and region are simply mind-boggling.
It is also important to know that companies that do not live at the high tech end of town are also making great strides. Companies such as Bottles of Australia, Inland Trading Co, Air Sine, Emax Engineering—to name a few—are also evidence of the success Canberra companies are experiencing.
The figures bear this out. According to Austrade, the territory gave birth to more new exporting companies in 2003-04 than did South Australia and Tasmania. The last Sensis small business survey showed a significant increase in the number of ACT based exporters compared to a national decline. We, as Canberrans, have always known that our city is smart and entrepreneurial, with a strong and outwardly focused private sector. It is clear that the rest of the country and the world are starting to discover that also.
I believe that we are heading towards that point of critical mass beyond which sustainable long-term economic development will feed upon itself. That does not of course mean that we can sit back and take it easy; there is still a great deal more to do.
The economic white paper provides a framework for our activity and efforts. The document will be as relevant in 10 years time as it is now. The document has four key strategies that will guide us in the decades to come. The first is supporting business through direct means, such as enterprise development assistance, and through general business and economic policy making that is pro-business.
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