Minister Barr: ACT?s economic growth leads the nation
- Written by ACT Government
Released 02/09/2015
Today’s release of State Final Demand (SFD) figures by the Australian Bureau of Statistics (ABS) shows the ACT is leading the nation in economic growth, demonstrating the strength and resilience of our economy.
Today’s SFD outcome is a sign of the confidence in the Territory economy. It confirms that we have turned the corner after the impact of the Commonwealth’s cuts to jobs and spending.
It is also a clear demonstration that the ACT Government has the right economic and fiscal strategy for the Territory. Despite the Commonwealth Government’s cuts, we have kept the economy moving and unemployment low, and we’re doing this while maintaining the high level of service Canberrans deserve.
Economic activity, as measured by SFD, grew at a strong 3.1 per cent in the June quarter 2015, the strongest result of any state or territory in Australia.
Over the past year, from June 2014 to June 2015, the ACT economy also recorded an increase of 5.4 per cent in SFD, the second strongest of any State or Territory and well above the ACT economy’s long-term average growth rate.
In recent years, including in the 2015-16 Budget, the Territory Government has proactively supported the economy and supported jobs. We have contributed record funding for infrastructure – including the current capital works program of $2.8 billion over four years, to provide new facilities right across Canberra, such as new health and education services and new roads. We are continuing to support local businesses, and helping them to grow and create jobs, including through the successful Business Development Strategy.
Canberra’s economic performance is in stark contrast to the last time a federal Liberal Government slashed the public service, when the Howard government’s cuts in 1996-97 had a devastating impact on unemployment, business confidence and house prices in the Territory.
This time, a growing economy has meant the ACT Government can continue to deliver the services Canberrans depend on, and maintain our uniquely Canberra way of life. Today’s SFD result is a clear indication to Canberrans that our economy is strong and that local businesses and households can feel confidence about the future.
For more information on the latest SFD release visit http://apps.treasury.act.gov.au/snapshot
- Statement ends -
Section: Andrew Barr, MLA | Media Releases
