Page 1261 - Week 04 - Wednesday, 25 March 2009
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changes, of which 63 were positive and 31 were negative. That is a positive trend of two-thirds against one-third negative. Over the seven quarters from the June quarter 2003 to the December quarter 2004, the ACT also recorded four quarters of negative growth in economic demand as measured by SFD. Yet over this period economic production by the ACT economy, as measured by GDP, continued to grow by 3.5 per cent in 2002-03, 1.5 per cent in 2003-04 and 2.3 per cent in 2004-05.
It does help to look at economic data from a range of sources and in some perspective. It is simply wrong to suggest that this government’s decisions over the past seven years have caused the recession in the ACT. This government’s prudent financial management and investment record is the best of any government since self-government. It has engendered confidence in the economy, and the data shows that. Since the election of this government in the December quarter 2001, the Australian Bureau of Statistics data shows that the volume of investment per capita undertaken by this government—that is, investment in real terms per person in the ACT—has been 40 per cent higher than in the previous period since self-government.
This government has made major investments in the territory’s infrastructure, with a record capital works program. This government has also invested heavily in the maintenance and upkeep of our existing assets, with an annual maintenance program increasing on average by eight per cent per annum. Planning for the future of our city and the needs of our people has always been a priority, to ensure that Canberra remains a great place to live—the best place to live. This government has also made substantial, long overdue and vital investments in health, education, child protection, community safety, and disability and emergency services.
Almost a year ago now, in the 2008-09 budget, and, as it turned out, before the global financial crisis became an acronym, this government redoubled its investment effort, with a $1 billion building the future infrastructure investment program and annual capital works program. This represented a new record level of investment in the ACT community to ensure that we are ready for the future, no matter what the future may hold. And, as it turned out, the future was a global financial crisis of unprecedented magnitude.
The sustainability of our economy, our population and our services to the community has depended, and will continue to depend, on timely investments in the territory’s infrastructure. This government is embarking on a major program of investment in infrastructure to ensure that the territory’s infrastructure is not eroded over time and that it will serve the needs of the Canberra community well into the future. The investment program will further increase the productive capacity of our economy, reduce future costs, provide for the continued growth of the economy and give Canberra a competitive edge against any city and against any urban centre.
The private sector is also investing, and investing strongly, in the ACT. When this government first took office, the volume of private investment in the ACT was running at around $2.1 billion per annum. In fact, the ABS estimate of private investment in the ACT is $2.1 billion in each of the years 1999, 2000 and 2001. In 2006, the volume of private investment in the ACT reached what was then an unprecedented peak of $3.7 billion. It is indeed a strong measure of confidence from
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