Page 4640 - Week 11 - Tuesday, 19 October 2010
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Department of Land and Property Services. The third edition was released last month and continues to be an important tool in promoting the ACT and region as an investment location by providing up-to-date information on continuing and planned capital works and construction activities. The construction and building industry is vital to the ongoing economic development of Canberra and the region. The industry creates long-term employment and has a flow-on effect in many areas of the economy.
It is also pleasing to see that employer confidence in the ACT recently reached its highest levels since March 2008. A new report from the consultancy firm Hudson reveals a third of ACT employers plan to increase staff levels over the next quarter.
This government has delivered an unprecedented level of infrastructure investment in 2009-10. It has delivered a preliminary outcome of $580 million in capital investment over the past financial year, almost double the previous record. The capital program is all about delivering valuable community assets for the people of the ACT and improving the infrastructure we rely on to deliver a wide range of services to our community.
Our investment in infrastructure supports the territory’s growth and jobs and increases the productive capacity of our economy. This was particularly important during 2009-10 as we continued to recover from the global financial crisis and experienced ongoing uncertainty in the economic environment. The government’s unprecedented infrastructure investment provided confidence to industry at this critical time, supporting jobs and economic activity. It is important to acknowledge the benefits of economic growth for our community. This growth supports local jobs and provides vital income streams for Canberrans, and it sustains our vibrant city.
The ACT has the lowest unemployment rate in the country at three per cent. More Canberrans are also able to benefit from employment with the second highest participation rate in Australia. Canberrans also benefit from higher incomes. Average weekly ordinary time earnings rose to $1,469 in May 2010, well above the national figure of $1,256. There was a seven per cent increase in the year to 30 May 2010. There is no denying that a strong and stable economy is essential for the welfare of our community.
As the national capital and the seat of the federal parliament, it is natural that the public service, particularly the commonwealth public service, will form a significant component of the economy. Under the economic stewardship of this Labor government, the ACT economy was protected from the worst of the global financial crisis, and the gross state product growth result for 2008-09 of 1.4 per cent reflects this. But the national government’s presence in the ACT is not just about public sector employment. There is a large and dynamic private sector which services the needs of both government and its employees. I have already mentioned this government’s investment in this sector.
Moreover, the employment in both the public and private sectors is a major factor in supporting the housing market and the construction industry, with the ACT enjoying the strongest housing market in the country. The housing market activity has been resilient during the economic downturn, supported by the federal government’s
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