Page 1412 - Week 06 - Tuesday, 5 June 2007
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outlays, private consumption and housing investment. Across the forward estimates period, projections for state final demand are 4¾ per cent a year.
The outlook for employment remains positive. In 2007-08, employment is forecast to grow at 1½ per cent. The continued shortage of skilled workers is likely to constrain growth in key industry sectors. I will explain in a moment how today’s budget will help address that threat in just a moment.
Mr Speaker, the message, in short, is that Canberrans have confidence in the future of the ACT economy. And they have confidence in the financial management of this Labor government. They know we are a government prepared to take not just the hard decisions, but the right decisions for the greater good of the community.
Growing into the future
Mr Speaker, businesses in the ACT are optimistic and buoyed by strong consumer demand. For very many businesses, times have never been better. And while the drought remains as a potential deflator of the general optimism, the outlook is for further business investment over the budget and forward estimates periods.
Labor is proud to have created an environment conducive to getting on with business.
Mr Speaker, as a government, we continue to reduce business costs, abolishing a range of business taxes and working with other jurisdictions to make payroll tax rules consistent.
We come at the question of business support from many angles. Our aim is to create an environment where business can simply get on with the job.
Some of the initiatives I announce today are in the area of skills development. Others relate to research support. Others show our continuing commitment to the wider region, including a $1.85 million boost to regional and trade development activities. This will support an active program of trade missions and provide continuing support for our overseas business promotion infrastructure and networking initiatives.
We have extended our contribution to national ICT centre of excellence by $6 million over five years to further support the pre-eminent information communications technology research facility and further integrate NICTA into the economic fabric of Canberra.
I am particularly pleased at these investments because they are not about top-down business development. They are about partnerships: government and industry working together.
These initiatives will allow ACT businesses to leverage off the territory’s existing competitive advantages and reputation, and will complement actions taken last year to strengthen information, advisory and mentoring services to business through the new Canberra businessPoint Service.
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