Page 3467 - Week 09 - Wednesday, 22 August 2018
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and $1 million will boost the number of female tradies and upskill mature workers. On top of this, the newly established City Renewal Authority will further drive growth in the economy by supporting development in Canberra’s CBD.
To ensure the territory has stable revenue, our government is implementing the necessary reforms. We are abolishing stamp duty for first homebuyers. Our government wants to make it easier for those trying to enter the property market to buy their first home. Starting on 1 July 2019, first homebuyers with a household income of less than $160,000 will pay no stamp duty, regardless of whether they are buying an established or newly built property. By 2021-22 a person buying a $500,000 home will be paying half the stamp duty they would have paid before we started the reform process, a saving of $10,500.
We are also continuing to reform commercial conveyance duty. From 1 July this year commercial property transactions worth $1.5 million or less will be abolished. This change will mean that around 70 per cent of commercial property purchases will no longer involve paying stamp duty, which will make it a lot easier for small businesses to continue to invest in Canberra. On top of this, our government has cut residential stamp duty in every budget since 2012, and this policy will continue to take effect.
We took to the 2016 election the promise to build light rail in this term of government. The light rail is on track to be delivered this coming summer. As a resident of Gungahlin I cannot wait for the first day we can catch light rail, and you can be sure I will be one of the first passengers. This is not the final step of light rail. Our government has a plan for a city-wide integrated transport network. That is why this year’s budget delivered more funding for the planning and design of stage 2, connecting the city to the Woden town centre, a transport spine connecting north and south Canberra, which will make Canberra a more livable city.
Of course, growth needs to be inclusive of the entire ACT, and that is why our government has pushed so hard for a federal public service department to be located in Gungahlin. Defence Housing will be moving to the Gungahlin town centre from its current location in Barton. This department will provide a positive flow-on effect to the local businesses of Yerrabi. Up until now Gungahlin has been the only town centre without a federal public service department. This move will encourage the continued sustainable development of our city and encourage a vibrant town centre.
Canberra is a higher education city. Collectively, education and research institutions contribute $2.75 billion a year to Canberra’s economy and create 16,000 full-time equivalent jobs, when last measured in 2014. The connection between the ACT government, our higher education providers and research centres means that Canberra is in a unique position for advanced research partnerships. An example of this partnership is the space industry.
Canberra leads the nation with advanced research and technology at ANU and the CSIRO and space communication complex operated for NASA. Increased investment in this industry will continue to put Canberra on the world map as a leader in research education. The federal government’s newly announced Australian Space Agency will be in Canberra for its first six months. Our government is lobbying hard for the
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