Page 4087 - Week 13 - Wednesday, 26 November 2014
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While these impacts are real, it is important to remember that the ACT is a resilient community and this government is confident we will recover from these impacts. The ACT government is not sitting on its hands waiting for federal government spending to increase to see an amelioration of the downturn in the economy. The government is actively working in partnership with business and our community groups to deliver a comprehensive stimulus package through careful planning and direct economic support and funding.
In March this year Chief Minister Katy Gallagher announced a two-year stimulus package to drive the economy and prosperity and boost confidence in the ACT building and construction industry. This stimulus package was designed to continue to support local jobs, reduce fees on businesses and provide more certainty in the sector. Quickening the development of Moncrieff, estimated to have a value of approximately $150 million, changing the lease variation charges and amending extension of time fees have all had a positive impact on the building and construction industry, making it easier to commence construction of projects and encouraging construction.
I am pleased to report this stimulus is rolling out in a targeted and deliberate way. Recently I was pleased the Deputy Chief Minister announced that seven Canberra based business have been given a financial boost by the territory through the innovation connect program. This money is set to go towards the development and manufacture of new products, from medical technology to smart phone applications. Most importantly, in relation to Ms Porter’s motion today, the money provided to these companies will allow them to employ more staff and give a boost to the local economy, all while bringing new ideas to fruition. It is initiatives such as these which will keep Canberra one of the most livable cities in the world and protect our economy in the face of the cuts from the federal government.
The package of stimulus measures announced this year by the Chief Minister and Treasurer is what is needed for our economy and our community—not a slash and burn approach, not the approach the European Union countries have taken in regard to fixing their budget problems. While they slash and burn, they do not seem to have noticed the austerity program in the EU has not had the desired results. Austerity slows the economy and it does more damage than anything else. It is a policy that lacks vision. It is an approach that hurts the poorest first and the richest last, with no plan for the future. That is why it is so important for us in this place to try and counter these measures and protect the economy of the territory for the future.
Whilst speaking of austerity, I note the announcement that, due to $254 million in cuts, the ABC will be making 400 employees redundant. While in Canberra we lose only approximately eight of those 400, it is this sort of cut which slows the economy and hurts everyone. I express my condolences to all those staff affected at the ABC and remind everyone of Tony Abbott’s election promise—no cuts to the ABC and no cuts to SBS. Madam Assistant Speaker, on a personal note, I have heard just this morning of the devastating impact of these cuts on the ABC in the territory.
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