Page 1926 - Week 06 - Tuesday, 6 June 2017
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But there is plenty more that we can do to make the city we love even better. We will keep building on Canberra’s potential.
Economic and fiscal outlook
When I stood here last year to deliver the Budget speech, I noted that the Territory had weathered some tough times in recent years—mostly because of decisions taken by the Federal Government.
But I also sounded a note of optimism—that we had started turning a corner with jobs growth picking up and a strengthening of our local economy. A year on, these green shoots have spread, making the Territory’s economy consistently among Australia’s strongest.
Economic growth for 2016-17 is expected to hit three and a quarter per cent—fully one percentage point higher than was projected a year ago. This is a much stronger result than has been seen across the Australian economy, where growth is expected to be a sluggish one and three quarter per cent in 2016-17.
The Territory’s unemployment rate is the second lowest in the country at 3.6 per cent, and has now been below four per cent for over 12 months. That is because in the last year our economy added over 3,200 new jobs, while our participation rate remains among the highest in the country.
One of the Government’s proudest achievements is that we have got unemployment down and we have kept it there.
Between self-government and Labor coming to office in 2001, the Territory’s unemployment rate averaged 6.4 per cent. During our time in office, it has been significantly lower, averaging 3.7 per cent.
Before 2001, unemployment rates of six, seven or even eight per cent were not uncommon in this city. By comparison, the unemployment rate has been above five per cent for just one month in this government’s entire term in office.
Importantly, unemployment has fallen, even as Canberra’s population has grown significantly: an extra 5,778 people now call Canberra home compared with a year ago.
By 2020, our population is expected to be growing by well over 6,000 people a year, and our total population will approach 430,000 people. That is why it is important that we invest now in the additional infrastructure that this city will need.
We are well on track to build the new homes that will accommodate this growth: over the course of 2016, dwelling commencements rose over 100 per cent—the strongest supply increase in the nation.
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