Page 1170 - Week 05 - Wednesday, 30 May 2007
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and Parkes Way intersection, which, in conjunction with the ACT’s commitment to Pialligo Avenue, will make a real difference for many motorists. I was very pleased, before the commonwealth’s budget announcements, to have discussed each of those issues with both the minister for territories, Mr Lloyd, and the federal Treasurer, Peter Costello.
I also welcome the financial commitments to upgrades and extensions of a number of national institutions: $12.5 million for the war memorial; $14 million for the new home for the portrait gallery; $3.5 million for remedial work on the High Court; and $3.3 million for a scoping study for police accommodation. I certainly welcome, as I am sure we all do, any federal government prepared to make a significant capital investment in the national aspects of the city that we call home.
The expansion of a number of commonwealth departments will also increase job opportunities in the ACT. Approximately 5,000 additional jobs are budgeted for nationally, with some estimates of 2,000 of those being located in Canberra. The ACT government is always grateful for the additional labour market stimulation provided by the commonwealth budget. However, it is, or can be, a mixed blessing at a time when the housing market is tight for both renters and buyers and when we are experiencing essentially full employment.
I am also in favour of a number of aspects of the federal budget that promise to improve participation rates in the workforce. These include a boost to the childcare benefit and changes to public service superannuation rules that seem to hold out the prospect of older workers remaining in the workforce for longer, easing the looming employment impact of an ageing population.
I am supportive of the broad emphasis on training and education measures in the budget. Given our skills shortages, our knowledge based industry structure and the number of high-class tertiary education institutions in the territory, these budget measures are important to the prospects for our future economic growth. The provision of $206.4 million over four years to first and second-year apprentices in high-demand trades to assist them with course fees is also welcome.
The federal government has also established a new higher education endowment fund with an initial investment of $5 billion funded from the 2006-07 surplus. The fund will be invested to earn income, which will be distributed on an annual basis to individual universities for long overdue funding of capital and research facilities. But it does need to be remembered and acknowledged that, even with that significant investment, Australia’s investment in research and development is about the lowest of all the OECD nations.
While there is much good news in the federal budget, a number of opportunities have been missed. While the federal budget confirms the previously announced $10 billion water package, it does not address the immediate water crisis in Australia. Communities like ours are facing historically low water inflows and are looking at considerable investment in infrastructure in the years ahead. The drought, if it continues, will impose significant costs on communities throughout Australia and may impact not just on industries directly reliant on water but extend throughout entire communities, for example from less electricity capacity. We cannot avoid the fact that
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