The ACT Government recognises the need for a diverse ACT economy. A diverse economy provides for solid and stable employment and growth, provides opportunities for innovation and provides a buffer to weather more challenging times. Both government and industry have roles to play in achieving this – and those roles are complementary. Government must, through efficient markets, create an environment that supports growth. Industry must take advantage of that environment to drive innovation and achieve competitiveness.
Our economic base lies in the service, research and knowledge industries which provide us with our skilled workforce and highly capable institutions. We must build on these solid foundations and focus our efforts to reinforce current comparative advantage, where critical mass and skills provide an ability to leverage industry partnerships. We must also use this sound base to seek out new areas of comparative advantage. We cannot stand still. We have to recognise our innate strengths and from that, what the likely trajectories will be. Business policy and programs may well amplify these directions, provide for more efficient markets and information flows, but they will not supplant our economic fundamentals.
This discussion paper identifies some key issues for consideration. My invitation to you is to have your say on these issues and raise other ideas and views that you see as relevant to the ACT Government’s role in building a robust local economy.
Comments close on 14 February 2012.