Page 2612 - Week 07 - Tuesday, 5 June 2012
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We will not go down the path of slash and burn budgeting.
Instead, today I am delivering a Budget that shows a responsible and measured plan to return the ACT to surplus.
This Budget also sets out an important program of new initiatives. This Budget is stimulatory. It protects activity and confidence, but it will not seek to expand unsustainably or carelessly. It will maintain activity.
The new initiatives spend in this Budget is $63.2 million in the 2012-13 financial year and $155.1 million over the four years.
Each dollar is targeted for maximum effect.
The 2012-13 capital works budget sees the ACT Government continuing to invest in a robust infrastructure program of over $900 million in 2012-13.
This will support our economy at a time when support is needed. It signals the confidence we have in our economy and our labour force. And it will deliver infrastructure that drives productivity.
The Government wants to see the ACT economy continue to grow and this Budget is aimed at ensuring that.
We firmly believe a return to surplus is not an end in itself. Some Governments have shown the folly of austerity—the pursuit of fiscal Darwinism at the expense of growth, and, crucially, at the expense of the community and jobs.
Instead we are taking a sensible and measured approach.
Good governments balance economic goals with social ends.
Good governments do not pursue policies that have been shown to fail, in this case knee-jerk austerity. Cutting at a time of challenge deepens the contraction—it does not support growth.
Good governments do not jeopardise the well-being of society’s most vulnerable by cutting spending on important social programs.
And good governments show faith in the resilience of our people—our public service, our private sector—to meet challenges head on.
Fiscal update
Since the Mid Year Review, own source revenues have softened, due to the moderation of the housing market and commercial activities mainly related to land supply and development.
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