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Legislative Assembly for the ACT: 2014 Week 2 Hansard (18 March) . . Page.. 429..

government. The investment proposal guidelines cover proposals made to Invest Canberra to undertake business activities where some form of government support or engagement may be needed. The guidelines cover non-public infrastructure and business opportunities and they may relate to, for example, land sales, financial support, taxation arrangements or regulatory arrangements which are not covered by existing programs.

The guidelines contain a three-phase process which aims to provide timely decisions on the government's intent to proceed with an investment proposal. This will ensure the government's priorities and decision-making processes are respected, but that unique and innovative ideas from the private sector are encouraged, acknowledged and, where appropriate, progressed.

These two sets of guidelines send a very clear signal that the government is encouraging private sector investment in the territory.

MADAM SPEAKER: Supplementary question, Dr Bourke.

DR BOURKE: Minister, why is it important to encourage private sector investment in the territory economy?

MR BARR: We are a small economy. We are two per cent of the Australian economy, and Australia is only around two per cent of the world economy. There is not sufficient capital in this city or in this country to promote our longer-term economic development. Therefore, if we want our economy and our community to grow and develop, we simply have to be outwardly focused.

We cannot rely on our domestic market for our future growth. It is as straightforward as that. Further, while the commonwealth will always be a vital part of the territory economy, it is clear that we cannot rely on the commonwealth, particularly if that government is Liberal, for our economic fortunes. This is particularly the case when the commonwealth is looking at sharply reducing its spending and jobs in our economy in coming years.

Mr Smyth: And federal Labor wasn't?

MR BARR: Federal Labor grew the public sector in the territory by nearly 10,000 positions. They inherited—

Mr Smyth: They weren't planning any cuts?

MR BARR: You just look at the public sector numbers in this city. You just look at the public sector numbers in this city, Madam Speaker. They grew under the Rudd and Gillard governments. They also grew under the Howard government and one would anticipate that in time they will grow under the Abbott government.

Unfortunately, it appears that we have to go on a merry ideological crusade for the next couple of years. The Liberal Party will be determined to mug this economy and

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