Page 117 - Week 01 - Wednesday, 14 December 2016

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(ii) growth in the economy, as measured by Gross State Product, in the Territory was the second highest in the nation, growing at an annual rate of 3.4 percent;

(iii) the ACT’s unemployment rate is the lowest in the nation, at 3.4 percent;

(iv) that retail trade is the strongest in the country;

(v) the number of commercial building approvals and residential building approvals are increasing; and

(vi) service exports have increased by 65 percent since 2010, which is well above the national average of 34 percent;

(d) that the Territory retains a AAA credit rating, one of only three State and Territory jurisdictions in Australia to have this highest possible credit rating;

(e) that the ACT Government infrastructure program in the coming four years will be around $2.9 billion;

(f) that the Territory is leading the nation in delivering taxation reform, through abolishing unfair and inefficient taxes;

(g) that commercial stamp duty will be abolished for property transactions valued under $1.5 million from 1 July 2018; and

(h) that by the end of the second stage of taxation reform in 2021-22 stamp duty will be halved for the buyer of a $500 000 home;

(2) further notes:

(a) the risk to this strong economic growth through further Commonwealth expenditure and employment cuts; and

(b) the risk to the ACT’s credit rating by the Commonwealth Government being put on to negative watch by Standard and Poor’s; and

(3) calls on the ACT Government to:

(a) continue supporting the Canberra economy and encouraging jobs growth;

(b) continue providing funding for the world-class services Canberrans deserve and expect, particularly in education and health;

(d) continue to support vulnerable Canberrans.

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