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Legislative Assembly for the ACT: 2013 Week 11 Hansard (17 September) . . Page.. 3240..


paid employment and vice versa, it is not surprising that both the business formation rates and the non-survival rates are marginally higher than the national average.

Importantly, ASIC data indicates that the business failure rate in the ACT due to bankruptcy is comparable with national data and that poor economic conditions were only nominated in 14 per cent of bankruptcies as a cause of failure. This is half the national rate. Most importantly, the number of businesses has continued to grow. There are now over 2,000 more businesses in the ACT than there were 10 years ago.

The business development strategy is the right strategy for the future. It builds on the policies we have put in place. Our vision is to continue to build on these policies. We will continue to support research and innovation through the ANU, NICTA, the University of Canberra and the CSIRO. We will continue to support linkages between business and research institutions such as the space and spatial industry partnership.

We will continue to promote the benefits of the ACT as a business and tourism destination. We will continue to deliver programs that target the needs of innovative and growing businesses. We will continue to showcase innovative businesses to potential export markets. And we will continue to create the right environment for businesses to grow and expand.

The ACT is already one of Australia's best-performing economies. Our strategy to continue this growth, to diversify our industry profile and to create jobs for residents in the ACT both now and into the future is the right policy direction, the right direction to transform Canberra.

I move:

That the Assembly takes note of the paper.

Debate (on motion by Mr Smyth) adjourned to the next sitting.

Duties (Duty Deferral) Amendment Bill 2013

Debate resumed from 8 August 2013, on motion by Mr Barr:

That this bill be agreed to in principle.

MR SMYTH (Brindabella) (11.41): The opposition will be supporting this bill. I note that this amendment bill fixes a significant oversight of the Treasurer's First Home Owner Grant Amendment Bill 2013. It makes amendments to the Duties Act which will allow applicants who had been eligible for duty deferral on the purchase of an established property under the first home owner grant scheme to retain access to the duty deferral scheme.

As members would recall, the debate on the First Home Owner Grant Amendment Bill was rushed on the last day of the August sittings, a week that for all intents and purposes is meant for the Appropriation Bill. On the day the bill was debated I noted in the chamber that this was a deceptively simple-looking bill but had overreaching


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