Page 1556 - Week 04 - Thursday, 29 March 2012
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We are investing in CIT campuses around the territory. I note that the members for Brindabella are very keen on new CIT facilities in Tuggeranong. We are also focusing our investments on improving the quality of service provision and critically the capacity of our economy. The government is investing to make Canberra even stronger.
MS PORTER: Supplementary.
MR SPEAKER: Yes, Ms Porter.
MS PORTER: Can the minister indicate how productive investment in this infrastructure supports economic activity across the territory?
MR BARR: In 2002-03 the ACT government investment as a share of the total territory economy was 0.6 per cent. By the end of 2010-11 this share had increased to 2.2 per cent.
As I outlined in response to a question yesterday, the ACT has benefited from strong investment growth in 2010-11. This was due to the ACT government’s record investment in capital works, strong commonwealth government investment, as well as dwelling investment in the territory. These were all important contributors to state final demand growth during the fiscal year.
Quality investment in productive infrastructure both encourages and supports population growth, another important economic driver. We saw population growth above the national average at 1.9 per cent in the 2010-11 fiscal year.
The government, as I indicated earlier, has embarked on an investment program of around $1.7 billion over the next four years. Critically this investment will support jobs, it will support the local economy and, importantly, increase the productive capacity of the territory.
The latest commonwealth state of the states report released earlier this year reminded members, and indeed reminded the community, of the importance of this infrastructure investment. It noted that the ACT recorded the highest over-performance against decade average growth in population, in housing finance and in dwelling starts and the second highest over-performance growth in construction work.
Our investments are indeed paying dividends, particularly in education, which I have no doubt provides good learning environments to support successful learning. A well-educated population is critical to ongoing economic growth. Good health infrastructure supports better health care. Investments in health infrastructure are investments in community wellbeing and greater productivity. They are beneficial to the whole community.
MR HARGREAVES: A supplementary.
MR SPEAKER: Yes, Mr Hargreaves.
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