Page 2692 - Week 08 - Tuesday, 23 June 2009
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The ACT government is committed to a strong and dynamic ACT economy. Obviously the current world economic downturn is having an impact on the ACT economy. Despite what will be a temporary budget deficit, the ACT budget delivered in May of this year is one designed with carefully targeted new spending initiatives to support investment in our local economy, to support jobs and to build a better city for all Canberrans to enjoy.
In this climate of national economic downturn Canberra has experienced a continuing growth in our population—1.7 per cent over the last year—and growth of 2.5 per cent in our economy. The average weekly earnings for full-time employed people in the ACT in 2008 was 16 per cent higher than the national average, and the trend unemployment rate for the ACT in May 2009 was 3.3 per cent—the lowest of all Australian jurisdictions and comparing very favourably with the national unemployment rate of 5.7 per cent. All these elements combine to demonstrate that we are doing the right things to promote a strong, dynamic economy in Canberra.
The ACT continues to enjoy an AAA credit rating, lower than average unemployment rates and higher than average labour market participation rates. Standard & Poor’s reaffirmed the ACT’s AAA credit rating in September 2008, and following the release of the 2009-10 ACT budget in May, Standard and Poor’s announced that the territory’s budget remained broadly consistent with an AAA credit rating. While the territory has moved into deficit in the recent budget, this government’s strong record in financial management will see us through our seven-year plan to return to surplus.
Working to address skill challenges is a priority. In May 2008 we launched ACT skills future: key initiatives in a long term strategy to address the skills challenge. This initiative was supported by $51 million over four years in the 2008-09 budget. A further $46.7 million in the 2009-10 budget continues our investment in key areas to address skills shortages, including support for new Australian school-based apprenticeships in schools each year and an expansion of CIT’s scholarship program that provides assistance with fees and course materials in areas of skills shortages.
While the commonwealth has invested in ACT infrastructure through the nation building and jobs plan, the ACT government has also continued its significant investment in infrastructure for the future. In the 2008-09 budget the government committed to a $1 billion building the future program of investment in the territory’s infrastructure. The 2009-10 budget builds on and enhances the building the future program, providing an additional $274 million in capital for new projects. In total, combined budgets commit just over $2 billion to capital projects over the next four years. These are unprecedented commitments to the territory’s infrastructure and will, in 2009-10, support more than 2,000 jobs.
I am pleased to say that Canberra is developing an increased reputation as a centre of excellent in arts. Stage 1 of the Belconnen Arts Centre is progressing well and will be ready for opening later in 2009. In February 2009 community consultation commenced on the draft of the theatre in the ACT strategic directions statement. The period for public comment closed in May and those comments are currently being considered.
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