Page 3432 - Week 11 - Wednesday, 22 October 2014
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There is no doubt that the Liberal Party’s harsh budget at the federal level and its cuts to jobs and spending in the ACT are of course affecting our economy and having a particular impact on consumer confidence in the ACT at this point in time. It is important to note, though, the fundamentals of the ACT economy remain strong and the ACT’s unemployment rate of 4.7 per cent, although higher than it has been in recent times as a result of the Liberal Party’s job-slashing exercise, is the second lowest of all states and territories and remains a full 1.4 percentage points below the national unemployment rate that has also increased since the Liberal government was elected federally.
What is more, over the last decade our economy here has created just under 36,000 new jobs, nearly 10 new jobs every day for 10 years. But we are not resting on this record of jobs growth, and the Labor government locally is doing all that it can to mitigate the impacts of the economic shock caused by the Liberal Party, in particular by supporting employment growth in the ACT.
In addition to the programs that I have just outlined, we are also progressing our $2½ billion four-year infrastructure program, which not only provides Canberrans with world-class facilities and services but also helps contribute to economic and jobs growth in the territory. We are continuing to make the tax system fairer, simpler and more efficient by cutting payroll tax, by abolishing tax on insurance and by cutting stamp duties. We continue to invest in Canberra becoming a truly digital city and support key sectors of the economy, particularly tourism and construction.
Also, our support for Canberra’s tertiary institutions is at the heart of the growth of our knowledge-based economy. Our place in the global education market and our city’s recognition as a study destination is entrenched and we are deliberately building on the research base in our city which drives innovation, attracts talent, supports business formation and generates economic and employment growth. We are working at a strategic level to identify the future opportunities in this sector and to promote it globally, most notably through the study Canberra program. Study Canberra is a partnership between the local tertiary education sector and the territory government and is financially supported to promote and encourage Canberra as a study destination of choice for international students.
Smart cities have a strong research base that drives innovation, that attracts talent and that ultimately supports growth and self-perpetuating business formation because of their long-term wealth creation capability. Most importantly, the jobs and economic activity that are generated from this sector are high-value adding and create a competitive advantage. In 2014 more than 10,000 international students are investing more than $440 million in their economic future but also in our economy each year and the education sector is now generating 11 per cent of our tourism activity. This sector includes 45,000 people in employment in this region and contributes almost $2 billion to our economy. And it is important to note that no other jurisdiction, no other city in Australia, has an education industry that is so significant in its economic makeup and that is why we are actively promoting Canberra as Australia’s learning capital.
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