Page 2264 - Week 07 - Wednesday, 3 August 2016
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I am proud to be part of an alternative government that would seek to treat the business sector of the ACT with the respect it deserves and deliver policies that would greatly seek to relieve the pressures of excessive rates, taxes, fees and charges. A Canberra Liberal government will seek to ensure Canberra is the best place to start with a good idea, to start a business, to grow the business and to be successful in whichever endeavour you choose to be in. I commend my motion to the Assembly.
MR BARR (Molonglo—Chief Minister, Treasurer, Minister for Economic Development, Minister for Tourism and Events and Minister for Urban Renewal) (5.12): The territory government has, of course, been a strong and committed supporter of local business. The best way to support local business is to ensure that our economy continues to grow strongly. I am pleased to be able to advise the Assembly that that is exactly what is occurring. Economic growth has tripled. Consumers are spending—our retail sales growth has been well in advance of the national average—construction is expanding, which is very pleasing to see, and confidence is improving. All of the recent data have demonstrated that ACT business is amongst the most confident in the nation. We are seeing significant increases in employment in the territory. Indeed, 3,100 new jobs were created in the past year and the ACT has the lowest unemployment rate in the country.
All of the economic indicators point to the exact opposite of the tale of misery and woe that we have just heard from the shadow minister. You are entitled to your own opinion, Mr Wall, but you are not entitled to your own facts and these facts belie the entire argument that you have just put forward. Overall, the ACT’s economy is performing very strongly when compared with other states and territories and when compared with our long-run historic performance. Overall private sector investment is, of course, an important component of the territory’s economic performance. It represented about 12½ per cent of the territory economy in 2014-15, equal to the combined share of ACT and federal government investment in the ACT in that same period.
The ACT recorded the second highest level of business confidence of all states and territories and our small and medium sized businesses are the most confident in the country in terms of the outlook for the economy over the next 12 months. There are close to 26,000 small businesses in the territory, covering about every conceivable form of business activity. It is pleasing to see that the number of small businesses in the territory continues to grow. We are supporting that growth through the business development strategy and we are committed to creating the right business environment.
We have put in place a strong regulatory reform agenda and a range of processes to reduce red tape, such as the establishment of Access Canberra and a series of annual red tape reduction legislation amendment bills through this place that have removed 70,000 administrative transactions from small businesses in the territory. A local industry advocate is working exclusively in the interests of the ACT business community to ensure that we maximise opportunities for local businesses to undertake work in Canberra and to employ and build capability.
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