Australian Bureau of Statistics data has revealed that the ACT’s growth during the March quarter was the strongest in the country.
From Chief Minister Andrew Barr’s media release:
National growth figures issued today show the ACT economy is turning the corner and standing on its own two feet.
The State Final Demand figures issued by the ABS show the ACT grew by 1.4% in the March quarter – the strongest rate in the country.
This is big news for the ACT – it shows we’re putting the Commonwealth’s cuts behind us. It shows we’re a more diverse economy.
Despite the Commonwealth shedding thousands of jobs, the ACT’s growth has remained robust, and unemployment has remained the lowest in the country.
The last time the Commonwealth kicked the ACT – under John Howard in 1996-97, unemployment peaked at 8.5% and home prices fell $25,000, in a period when prices were lower than they are today.
That we’ve avoided this demonstrates the effectiveness of the ACT Government’s policies to support growth and confidence in our economy.
In its past two budgets, and in the budget I handed down yesterday, the Government has boosted growth through:
- Record spending on infrastructure;
- Abolishing inefficient taxes and lowering payroll tax;
- Support for the private sector to innovate, grow and create jobs; and
- Encouraging investment into the ACT.
This has provided an important stimulatory effect to our local businesses and households, and ensured confidence remained in our economy.