ACT the fastest growing economy in Australia

Released 02/06/2016

The ACT economy is growing and has rebounded strongly from the Commonwealth’s harsh cuts of the past few years, new figures from the Australian Bureau of Statistics show.

The latest State Final Demand (SFD) figures prove the ACT Government’s strategy to support jobs and diversify our economy has worked, delivering the highest growth in economic activity in Australia.

The ABS statistics on economic growth show that the ACT had the highest growth in SFD of all the states and territories. Economic activity, as measured by SFD, increased by 1.3% in the March quarter, which follows an increase of 1.1% per cent in the December quarter 2015 .

The March quarter’s result for the ACT was the highest outcome for any State or Territory. New South Wales (up 1.0%), Tasmania and Victoria (both up 0.1%) were the only other jurisdictions to record positive SFD growth in the March quarter 2016.

We are now in an excellent position to capitalise on this growth and build an even better Canberra.

These figures follow strong growth in the ACT’s total service exports, which increased by 16.2% to $1.6 billion last financial year. There was particular growth in education exports, which increased by 10.3% to $451 million and the ACT’s personal travel (international tourism) exports which increased by 5.1% to $208 million.

The latest tourism statistics released yesterday also show significant growth in our tourism sector, with the ACT recording the highest number of international visitors to the territory in our history.

The SFD figures also add to other recent data showing our economy performing strongly. The Territory’s unemployment rate is the lowest in the nation, building approvals are up 27.6% in the past year, and retail trade was up 6.9% in the year to March, well above the national average of 3.6%

The ACT Budget next week will highlight the improved financial position of the territory with the growth in our local economy thanks in part to the success of the ACT Government’s financial management over recent years. The Budget will also demonstrate how the ACT Government is continuing to invest in our community – with more nurses, more teachers, more transport options and more support for vulnerable Canberrans.

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Section: Andrew Barr, MLA | Media Releases

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