Page 84 - Week 01 - Tuesday, 14 February 2012
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As a result, a net $246 million of capital expenditure in the 2011-12 year has been identified in the capital works program for re-profiling to later years. The re-profiling maintains a steady level of activity for the industry and provides certainty and confidence to plan and maintain jobs. The re-profiling will result in an almost $8 million improvement to the territory’s 2011-12 bottom line, as operational costs for the re-profiled projects will be shifted to later years where they will support economic activity when it is most needed.
The ACT Labor government will continue to protect jobs, and we are committed to maintaining the current level of employment within the ACT public service. The service will remain at approximately 18,000 staff. This is of vital importance at a time when the federal government is constraining spending, and we are faced with the loss of thousands and thousands of jobs if a Liberal government is elected federally.
The government will release 18½ thousand blocks over the next four years for new housing, and we will continue to look for new infill opportunities. Not only will this continue to add to the stock of affordable housing in the territory, it will boost revenue from land sales and conveyancing.
The government will continue to make use of our economy’s comparative advantages in the government services, education, including research and development, and tourism sectors to ensure that we have a strong economy. We will ensure well-targeted services expenditure through reprioritisations and innovation, ensuring quality service provision while also driving administrative efficiencies. We will take the opportunity to make the ACT’s tax settings more progressive, further improving economic efficiency and fairness.
In addition, the government has made, and will continue to make, responsible savings. The 2011-12 budget papers highlight annual savings of more than $100 million. Savings initiatives for the current year alone amount to $33 million.
There will continue to be risks facing the ACT economy. We will keep a close watch on conditions locally, nationally and internationally. It is important to remember that the ACT is part of a wider national and international economy. We do, of course, benefit from the opportunities and growth that this provides, but we must also be alert to the risks.
The underlying fundamentals of the ACT’s budget position are sound. We will not be engaging in any knee-jerk reactions such as slashing jobs or slashing services, as has been seen elsewhere, particularly—and I emphasise this point—at a time when the commonwealth is contracting spending.
The ACT government has a clear and effective path to return the budget to balance. We will be responsible, we will be prudent and, above all, we are committed to fostering and contributing to maintaining jobs, maintaining growth and maintaining fiscal responsibility. The strategy we have adopted in responding to the global financial crisis has served the territory well. The principles of our budget plan remain relevant. In returning to a balanced budget, our primary objectives will remain
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