Page 3687 - Week 12 - Wednesday, 23 October 2013
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These developments will provide thousands of new homes in a variety of locations right across Canberra—in the north, in the centre and in the south. They provide a wide range of dwelling types. They will make it easier for Canberrans to achieve their dream of living in their first home, owning their first home or, for those who wish to, downsizing into more suitable accommodation as they age. There will be increased opportunities right across the city as a result of these developments.
In addition, the government has delivered a real benefit to first homebuyers through an increase in the first home owners grant and a significant increase in eligibility for the homebuyer concession scheme. Together, these two initiatives delivered in the last 12 months give a $25,000 boost to eligible buyers. That is real, Mr Hanson. That is tangible. That is something delivered by this government for first homebuyers.
We are also actively supporting the growth of our economy and the diversification of the territory economy. The government has continued to support the economy and the private sector in accordance with our fiscal policy settings. This has been particularly important during a period when the commonwealth government, whose contribution is around half of all economic activity in the ACT, is contracting jobs and spending.
In the past year the government has directly targeted support to three key sectors of the territory economy: tourism, construction and education—three of the largest employers in the ACT. This year’s budget included $27.3 million in funding for tourism and events, including $11.5 million in new funding. This includes funding to boost business and education tourism and continued investment in our very successful major events fund.
This year I have also begun the push, in partnership with the Canberra International Airport and Australian Capital Tourism, for direct international flights into our city, particularly from Singapore and New Zealand. As well as the land release I mentioned earlier, the targeting of the homebuyer concession scheme and the first home owners grant, we have also had a strong infrastructure program of around $600 million that has continued to stimulate the local construction sector.
Continuing to grow the territory’s research and education sector is the key to our future economic growth. Recent budget funding has been invested in the study Canberra initiative. The Chief Minister has already led a delegation of our universities to a major market for the ACT, China.
In addition, we have passed a range of new laws to cut red tape to assist local businesses. We have given local firms a leg up when tendering for ACT government contracts by introducing a positive weighting for local small and medium-size enterprises. We have continued to cut insurance tax and stamp duty, being one of the only jurisdictions in Australia to cut these inefficient, unfair and distortive taxes.
Cutting these taxes has freed up economic activity in the territory and removed a deadweight loss in our economy. It is an important reform and we continue to seek to attract new business and investment to the territory, particularly in our commercial property market. The conveyance duty on properties valued at more than
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