Page 64 - Week 01 - Tuesday, 9 February 2016
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This movement is driven almost entirely by a revised 2014-15 superannuation liability valuation. Again, as we have debated in this place almost every year that I have been a member, this variation is, of course, technical in nature, involves no additional cash outlays and is similar to that which has occurred in recent years.
I am pleased to advise that economic growth, as measured by gross state product, increased by 1.4 per cent in 2014-15. This is double the 2013-14 result and indicates a moderate recovery in the territory’s economy. I think it is important to note at this point that in the mid-1990s when a federal Liberal government went about a destructive path in relation to the federal budget and the impact on the commonwealth public service, our territory economy dipped into recession, a deep recession, for an extended period. As a result of the policy decisions of my government in this recent period, we have managed to keep the territory economy out of recession. That is a significant achievement for the ACT in light of all that was thrown at us by the federal Liberal government.
I am again pleased to advise the Assembly that in September 2015 the international ratings agency Standard & Poor’s reaffirmed the ACT’s AAA long-term and A1+ short-term credit ratings, with the rating outlook retained as stable. I note in recent days the West Australian government has had yet another credit downgrade. So the fact that the ACT remains AAA-rated, together only with New South Wales and Victoria, reflects the strength of the territory’s fiscal position.
This reaffirmation of the territory’s credit rating demonstrates yet again that the government’s economic and fiscal strategies continue to successfully support the ACT economy but, importantly, support the Canberra community during a period when the federal Liberal government has been hacking into our labour market, into health services and into education services. My government stands in marked contrast. The approach of the ACT government stands in marked contrast to what has been dished out to this city by the federal Liberal Party.
As we move into planning for the 2016-17 ACT budget, Canberrans can be assured that we will continue to provide vital funding for health and education services. Again, this puts my government, the Labor-Greens government here in the ACT, in marked contrast with the approach of the federal Liberal government. So whilst they are busy ripping $80 billion out of our nation’s hospitals and schools, here in the ACT this government continues to support the provision of these essential services for our communities.
We know exactly what to expect from a Liberal government were they to be elected here in the ACT. That is more cuts to our city’s hospitals and more cuts to our city’s education system. That is something that we will be reminding the people of Canberra of throughout this election year—contrasting our commitment to invest in our city’s hospitals and schools with that of the Liberal Party and contrasting our track record of investing in our city’s hospitals and schools.
We will also continue our path of tax reform, to cut stamp duty in every budget. We will be announcing the next phase of the five-year tax reform, the next five-year plan for tax reform in the ACT, to build a fairer and more sustainable revenue base for the territory’s future.
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