Page 1301 - Week 05 - Thursday, 18 June 2020
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health support package to help Canberrans access services at a time of increased stress and hardship.
We provided rental waivers and support for ACT government tenants; support to ensure the stability of private rental arrangements for both commercial and residential tenants; financial support for public housing tenants; and increased funding for arts organisations and community groups.
In recent weeks we have seen rises in consumer and business sentiment. These are all underpinned by one key factor: confidence—confidence that the government is getting the health strategy right through a staged easing of restrictions, and confidence that the government is supporting businesses, jobs and households.
Consumer confidence has rebounded more strongly than business confidence, though. This is encouraging for household consumption, but it does indicate that it may take a little longer until businesses are prepared to invest. There remains a significant risk to activity and jobs if a return to tighter restrictions is required from a second wave of COVID infections.
In times of economic contraction, a temporary increase to government spending is an important and powerful tool. We will continue to ensure that we keep money flowing through the economy with measures like our jobs for Canberrans fund and the fast-tracking of minor infrastructure projects. We will do this while creating the right environment for private investment.
The events of the last 12 months have had a stark impact on the wellbeing of our city, affecting our quality of life and testing our resilience. The ACT’s wellbeing framework, launched in March, will play an important part in telling this story and shaping our recovery. The COVID-19 emergency remains a significant test of our resilience as a community, and we intend to track both our progress and recovery beyond just economic measures and across each of the 12 wellbeing domains that comprise our wellbeing framework.
As I have already noted, all Australian governments have decided to defer the delivery of their 2020-21 budgets. As a result, pursuant to section 5 of the Financial Management Act 1996, later today I will introduce a motion to the Assembly to delay the 2020-21 budget and appropriation bills. I believe that motion has been circulated to members.
The delay of the budget and the timing of the caretaker period for the ACT election have necessitated changes in financial management arrangements for fiscal year 2020-21. This includes the need to increase the amount of funding available during the 2020-21 supply period. In normal years the supply period lasts two to three months and the Financial Management Act provides for funding equivalent to 50 per cent of the appropriation provided by the appropriation acts in the year immediately prior. By contrast, the supply period for the coming fiscal year is likely to last between six and nine months.
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