Page 1677 - Week 06 - Tuesday, 3 June 2014
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The Government’s investment in this budget will make a real difference to the lives of Canberrans.
It will provide the jobs, deliver the services, create the opportunities and build the confidence that makes all the difference to Canberra households and Canberra businesses.
This Budget makes the right economic choices in challenging economic times.
Choices based on the Government’s fundamental belief in supporting jobs and in supporting our community.
These are decisions based on the confidence that our city will not only withstand the impacts of the federal government, but we will prosper in the wake of them.
Direct budget and staffing cuts to Commonwealth government departments, and the consolidation of agencies, will certainly hurt individuals and households but also it has a broader impact on the Territory economy.
It will dampen growth and will in turn flow to other parts of the Territory economy.
Concerns over job security may limit consumption and consumer confidence, and may delay businesses hiring and investing.
However, the investment pipeline for our city has stabilised and certainly has been encouraged by recent ACT Government tax reforms and stimulus measures.
The Government’s capital program announced in this Budget will also support growth, as will low interest rates.
Gross state product is forecast to grow by 1¾ per cent in the 2014-15 fiscal year. This reduced growth largely reflects slower growth in the public sector and in household consumption.
Investment is forecast to rebound slightly in 2014-15, driven both in the dwelling and non-dwelling investment sectors.
There is no doubt that the Commonwealth job cuts will impact on the rate of employment growth in the territory, which is forecast to moderate to just half a percentage point in 2014-15.
This Budget recognises the need to support the Territory economy through a challenging period.
Now is certainly not the time for the Territory Government to compound the Commonwealth cuts with further deep cuts of our own.
Instead, our focus is on building confidence in this economy.
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