Page 1908 - Week 06 - Tuesday, 5 May 2009
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But this approach would be counterproductive at a time when jobs and confidence in our community need to be supported and services need to be maintained.
There are no quick fixes to such a large reduction in our revenue base.
The Government has decided that it is not the time for rash decisions nor is it time for drastic cuts. This results in temporary General Government Sector net operating deficits across the forward estimates period.
Mr Speaker, although the global financial crisis presents us with challenges it does not mean that we are unable to progress the commitments we made to the Canberra community just seven months ago.
This Budget makes further investments in services to meet the growing needs of the community. New spending initiatives include a modest average annual spend of $49 million
New services and programs will be delivered in health and education, in supporting Canberrans to live more sustainably, in enhancing community safety and our city’s amenity and in supporting those most vulnerable in our community.
All the things a responsible, compassionate and disciplined Government should do.
Our new programs are measured and targeted. Our recurrent spending is largely offset by our savings program.
This is a budget that puts our community first. This is a budget that preserves services to the community. This is a budget that delivers on our commitments.
Mr Speaker, the Government is committed to restoring a balanced budget. We will outline a seven-year recovery strategy. We remain committed to our Fiscal Strategy and prudent financial management. Our budget recovery and the requisite adjustment task will take time. The return to surplus will occur beyond the forward estimates.
A sharp adjustment now in the form of a drastic expenditure reduction or tax increase would be irresponsible economic management. This is not the time to pull back on our expenditure. Instead, this is the time to ensure jobs are supported.
The Government will take a measured and longer term approach to addressing the deficit.
This is not deferring the problem. This is meeting the challenge in a steady and realistic approach, appropriate for the times.
And in doing this, we will ensure that our core services are maintained, community wellbeing is not compromised and that we are taking a prudent approach to risk mitigation and protection.
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