Page 2513 - Week 09 - Tuesday, 6 August 2013
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MS BERRY: Can the Treasurer outline recent economic data that has an impact on the ACT economy which indicates the robustness of the ACT economy?
MADAM SPEAKER: And your second question was?
MS BERRY: What is the current state of the construction industry in the ACT as it relates to the recent—
MADAM SPEAKER: You did not say that at first.
MS BERRY: If I could add that, if it makes more sense?
MADAM SPEAKER: I make the point that I asked you to read what your question was and I was about to say that that would be out of order; you would need to put it in some context. If you are proposing to put it in some context now, to make it in order, that would be acceptable.
MS BERRY: Thank you, Madam Speaker. What is the current state of the construction industry in the ACT as it relates to the recent economic data?
MR BARR: We are seeing three of the largest projects in territory history, the ASIO headquarters, the Canberra Airport upgrade and the enlarged Cotter Dam reaching conclusion of their construction phases. Those three projects were around $1.5 billion. They are three of the largest projects ever undertaken in territory history. The Majura parkway project, an approximately $300 million project, is gearing up into its biggest years of capital spend. This will continue until 2016 and will certainly provide ongoing stimulus to the construction sector.
On the residential side, I can advise the house that the RBA has just lowered the cash rate by a further 25 basis points to, I think, an all-time low for interest rates—always lower under a Labor government, it would seem. This will certainly provide a further stimulus to the ACT housing market and, combined with the measures announced in the budget to boost the first home owner grant and the home buyer concessions scheme, will provide a timely boost to the residential construction sector. Of course the government’s ongoing reforms to stamp duty, cutting stamp duty on every single property in the ACT, provide further stimulus. In terms of residential fronts, Gungahlin, Molonglo and west Belconnen are coming on stream over the coming years. So there is a very strong pipeline of work for the residential construction sector.
Of course, the government itself has a significant capital works program. We are eager to get on with the delivery of that, and that is why we will be passing the budget next week.
MADAM SPEAKER: Supplementary question, Mr Gentleman.
MR GENTLEMAN: Minister, what measures are being put in place to help grow and diversify the ACT economy?
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