Legislative Assembly for the ACT: 2018 Week 9 Hansard (21 August) . . Page.. 3356 ..
investment return outcome for 2017-18 of CPI plus 7.3 per cent, the superannuation provision account portfolio will have generated an estimated investment return of CPI plus 5.3 per cent per annum over the past 22 years. That is a very positive outcome in anyone's book.
The headline net operating balance published in the budget papers incorporates a superannuation return adjustment to provide an accurate assessment of the longer term sustainability of the budget position. Without this adjustment, the reported budget bottom line would fluctuate much more widely and would not provide Canberrans with an accurate understanding of the territory's fiscal position. The consistent inclusion of the superannuation return adjustment in each annual budget means the state of the territory's books can be clearly tracked and compared year on year.
The superannuation provision account is another example of the government's long-term planning to meet the future needs of this city—in this case, the coming pension requirements of the thousands of local ACT public servants who will retire in the years ahead. The provision we are making now means that their needs and entitlements can be fully met without placing undue pressure on the wider ACT budget. I commend the provision to the Assembly.
Proposed expenditure agreed to.
Canberra Institute of Technology—Part 1.10
MS FITZHARRIS (Yerrabi—Minister for Health and Wellbeing, Minister for Transport and City Services and Minister for Higher Education, Training and Research) (6.01): I am pleased to speak today in the budget debate on the government's ongoing support for the Canberra Institute of Technology. The government is committed to supporting Canberra's vocational and tertiary education and research sector. We recognise that growing this sector is critical to establishing Canberra not just as Australia's leading knowledge city but as a hub city to our nearby region and as a major contributor to national and international innovation practice.
As a key part of this, the ACT government recognises the Canberra Institute of Technology as a major contributor to the Canberra region economy. The CIT enhances the community with essential skills and knowledge and is a trusted iconic feature of our knowledge landscape. The CIT continues to develop innovative courses and training environments for more than 25,000 small to medium businesses in the ACT, contributing to a confident, bold and ready city for the future.
CIT is on a journey of transformation and is ready to drive the future of skills development in the ACT. The renewal of CIT's campuses is a key driver in the aspirations of the CIT strategic compass 2020. CIT have allocated $1 million from this year's budget to allow CIT to commence scoping work and to undertake site master planning and prepare a concept design to consolidate the Reid campus into a multistorey building. Renewal will ensure that CIT is able to meet the evolving needs and expectations of modern learners. This includes the development of contemporary teaching and learning facilities to reflect the digitisation of teaching, learning and work environments.