Released 25/07/2017
Economic activity in the ACT is growing at one of the fastest rates of any jurisdiction in Australia, according to the latest State Final Demand figures.
The Territory’s State Final Demand increased by 1.6% in the December quarter of 2016, which was the third highest increase in the country. This contributed to a yearly increase in State Final Demand of 7.3% - more than three times higher than the national GDP increase of 2.4%.
Following on from the Territory election, confidence in the ACT is growing – with private investment increasing by 5% in the December quarter of 2016. This contributed to the ACT’s strong economy by producing more jobs outside of the Commonwealth Public Service, and has helped bring our unemployment level to the lowest in the country.
The ACT Government has been working hard to diversify our economy – delivering on a number of commitments we have made to support private investment in our city. This includes securing direct international flights from Canberra – which significantly boosts our tourism sector and supports local businesses looking to export their goods and services internationally.
The ACT Government is also supporting our tertiary education institutions to grow. Organisations like the Australian National University, the University of Canberra and the Canberra Institute of Technology are some of our city’s largest employers, and help attract Australia’s smartest minds to the ACT.
As a re-elected government, we have a number of reforms and projects that will continue to support the Territory’s economy. This includes the construction of the city-wide light rail network, the completion of the University of Canberra Public Hospital and supporting the growth of our innovation industry.
- Statement ends -
Andrew Barr, MLA | Media Releases