The Chief Minister is predicting tough times ahead.
He is, however, upbeat and thinks they won’t be as bad here as in other parts:
- Mr Stanhope said there were predictions that any slowdown in the ACT may not be as protracted or as severe as elsewhere.
“Independent forecasts confirm that the slowdown of the ACT economy may not be long-lasting, and that the ACT economy is set for a speedy recovery, triggered in part by a rise in commercial building approvals,” Mr Stanhope said.
“And with the ACT now on a solid financial footing, and with accumulated budget surpluses being put to work through a billion-dollar infrastructure program, we are in a good position to handle what lies ahead.
“Our economy is more diversified than ever before, we still boast the lowest unemployment rate in Australia, and we are defying the national downward trend in job advertisements – all factors that will help us emerge quickly from the downturn,” Mr Stanhope said.