Page 1449 - Week 05 - Tuesday, 6 May 2008
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The Government is mindful of some legitimate anxiety around the impending fiscal measures contained in the upcoming Federal Budget.
In formulating our own Budget, we have taken into account not just the potential for a tougher than average Commonwealth Budget, but also the effects on our local economy of the burden of recent interest rate rises.
The Budget I hand down today will see us ready for whatever the future brings, ready to adapt quickly, ready to seize opportunity, ready to maximise our strengths.
The 2008-09 Budget creates the conditions for truly sustainable economic growth.
It supports business.
It supports innovation and research.
It promotes greater productivity, particularly in areas that have the potential to yield substantial returns.
Mr Speaker, this Budget contains much beside a billion-dollar physical legacy. It includes targeted tax concessions for business, pensioners and first homebuyers. A minor, nuisance tax is being abolished. Together, these initiatives will cost around $61 million over four years in revenue forgone.
This Budget provides support for business, private-sector development, innovation and research totalling $16.5 million over four years.
Small to medium businesses will benefit from a 20 per cent increase in the payroll tax threshold—from the current $1.25 million to $1.5 million.
This measure alone will cost around $28.7 million over four years in forgone revenue and will provide support for many businesses in town.
In the area of innovation, the Budget responds to the independent stocktaking and scoping work in the recent Innovation, Creativity and Leadership report.
The Budget supports early-stage innovation with a $3.1 million incubation program. It co-invests $1.1 million in a plant phenomics centre at the CSIRO and supports the creation of a climate change adaptation centre of excellence at the ANU.
We are investing $2.5 million to build and sustain capacity and leadership in our public service.
There’s a million dollars in venture capital for the Canberra Business Development Fund and another million dollars for targeted marketing to promote the ACT’s investment and business profile.
Above all, however, this is a Budget that responds comprehensively and creatively to one of the greatest constraints on our economic growth—skill shortages.
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