Page 2129 - Week 07 - Tuesday, 15 August 2006
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How the ACT economy is performing under this government is reflected not just in any of those objective measures; it is also reflected, of course, in the very significant levels of business confidence within the ACT. Business expectations remain incredibly strong—and why would they not in the face of the level of activity, whether it be in construction, whether it be in retail, whether it be in residential housing? Across the board, the level of activity and the consequent level of confidence and expectation continue to be incredibly high.
I touched on the retail trade figures, which show a 5.3 per cent growth over the year, bringing the value of trade in June alone to $337 million. Consumers are confident, the market is buoyant and businesses keep telling us through all the surveys undertaken here in the territory that they expect to continue to hire and to keep on hiring through this year and into the future.
The latest gross state product figures—the value added to the economy—show growth of three per cent for the year as against national growth of 2.3 per cent. Population growth, as I just mentioned, is turning around. The latest figures show that we have just enjoyed the biggest inflow of interstate migrants for a decade. Indeed, over the course of the last year, population growth has moved from the slowest in the nation of 0.04 as at the December quarter to 0.08. We have again passed Tasmania, South Australia and New South Wales in terms of population growth.
And people are coming here from overseas. Two hundred and seven people have arrived in the ACT through the skilled migration program. I note that, through the continuing efforts of Live in Canberra, just in the last week we received another 200 expressions of interest from people interested in further information on moving from Sydney to Canberra because of the booming economy and the opportunities here.
The property market is growing. As I am sure all members are aware as they leave the Assembly and as they drive around the town, $5 billion worth of building work has been approved in the territory since this government came to office. Cranes dot the skyline; there is a frenzy of activity. There has been a 40 per cent rise in residential building approvals over the past year, compared with the national performance in relation to residential approvals of a drop of 5.4 per cent—the most stark indication of a soft landing in the territory in relation to residential start-ups: a 40 per cent increase in approvals over the last year as against a national decline of 5.4 per cent and, interestingly, a decline of 16.3 per cent in New South Wales and a national fall of five per cent. I think it is very significant when we consider just those issues there.
We have, despite the outrageous use of data by some in relation to home loan affordability in the nation, the best rate of home loan affordability in Australia, according to the Real Estate Institute of Australia. Canberra households spend 18.8 per cent of income on home-related repayments, the lowest percentage in the nation by far—far below the 35.4 per cent spent in New South Wales. I think that really puts the lie to some of the more outrageous and, I think, politically motivated claims coming from the property council in relation to affordability. We see again today an outrageous use of statistics by the property council.
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