Page 1695 - Week 05 - Tuesday, 4 May 2010
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We remain committed to the vision for Canberra we set out before the 2008 General Election. We will press ahead with our agenda to build a better city and a stronger community but will do so in the context of our budgetary position and will prioritise our new initiatives based on areas of greatest need.
Similarly, we will continue our productive relationship with the ACT Greens Party on implementing the progressive agenda set out through the Parliamentary Agreement and will continue our engagement with our colleagues on priority setting for new initiatives.
Mr Speaker, through this Budget we are investing in vital infrastructure to support a growing city, with a strong residential land release program, improved municipal services and facilities and better transport options.
The Government has been working closely with industry and business to respond to their needs in relation to local capital investment. A series of roundtables have been held on topics such as land release, planning, transport and capital works.
Mr Speaker, Canberra businesses have weathered the slowdown and face the future with optimism. Business investment, housing finance and dwelling commencements continue to be among the highest in the country.
The strategy we put in place last year has improved the timely delivery of vital community infrastructure. As Treasurer, I have led this process and over the past year have met monthly with Chief Financial Officers from our departments to review progress, address delays and ensure our capital program is on track. This discipline will continue as we drive our community investment and support our growing city into the future.
Borrowings of up to $450 million are included in the Budget to partially fund the infrastructure program. Although the Budget Update projected potential new borrowings of up to $550 million, this figure has been revised down across the forward estimates period.
Mr Speaker, this level of debt is prudent and affordable. The Territory’s balance sheet remains strong, as a result of responsible financial management.
We have budgeted for affordable pay increases for our workforce. We will continue to exercise wage restraint.
Mr Speaker, through this budget we are investing in the growth of Canberra, through delivering quality services and building valuable infrastructure so our city is ready for the future.
Mr Speaker, the Government is investing in those services essential to our community. New expenditure initiatives total around $238 million over four years. Around two thirds of this expenditure is targeted towards meeting the growth needs of our city.
I now turn to the particulars of the key initiatives contained in the 2010-11 Budget.
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