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Legislative Assembly for the ACT: 2003 Week 5 Hansard (6 May) . . Page.. 1586 ..

MR QUINLAN (continuing):

budget, which will offer $4.5 million in the 2003-04 budget for projects that help build a knowledge-based economy-a key focus of the economic white paper.

The government's Knowledge Fund continues to attract high quality 'smart concepts and potentially commercial ideas' both in product and services throughout the ACT. The fund continues to uncover the tremendous depth of innovation and creativity within the ACT community, funding projects that will develop a knowledge-based economy in the ACT.

These projects include intelligence sharing technology, superabrasives, pharmaceutical development, technology to assist people with a visual impairment, interactive games, and medical, solar energy, finance and agriculture projects. The three rounds of grants have demonstrated the strong interest of ACT and regional businesses in researching, commercialising and developing industry activities.

The government's focus on the continuing development of a knowledge-based economy is demonstrated in other ways through its ongoing support to the Australian Science Festival and ICAN, the ACT hub of the Australian Innovation Festival.

The government continues to assist firms to undertake major investment and/or employment growth through the ACT Business Incentive Fund. Assistance for two firms has been approved in 2002-03, with a further four firms currently being considered.

A number of small and micro businesses were victims of the January 2003 bushfire. These businesses will benefit from budget initiatives which provide ongoing funding for the bushfire business assistance package, including $30,000 for applications expected late in the 2002-03 financial year, and $189,000 a year for four years for the interest subsidy component of the bushfire assistance package.

The budget also continues to support the establishment of the ACT node of the national ICT Centre of Excellence. The 2002-03 budget allocated $10.3 million towards this work, of which $10 million is to be provided in the form of land. A further $600,000 was allocated for 2003-04.

The business community will also be pleased to learn that the government has not increased payroll tax in this budget-again another rumour.

Mr Speaker, the government has for some time recognised the need for an upgrade to Canberra's convention facilities. This need has existed for some time and it has taken this government to act.

I am pleased to announce that the government has provided $40 million towards the convention centre project. This funding in 2004-05 will make Canberra competitive in the lucrative convention market and will allow the city to take full advantage of its status as the national capital. The funding is significant although, based on information to date, probably represents the minimum figure that would be required.

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