The mid-year budget update released today shows the ACT Government is continuing to invest in more and better services where they’re needed, while we get on with delivering major new health, education and transport infrastructure for Canberra.
The 2018-19 Budget delivered a significant step-up in essential services for Canberrans, including more frontline hospital staff and surgeries, more places at our local schools, better roads and public transport, and stronger support for those who need it.
The Budget Review continues this work with further priority investments, including strengthening home-based care for older Canberrans, supporting the roll out of the new bus network with one month of free travel and increasing the Utilities Concession for low income households.
Our broadly balanced budget position and capacity for continued investment is underpinned by the sustained growth of the ACT economy. In 2017-18, our economy grew at the fastest rate of any jurisdiction in Australia at 4 per cent, well above our 15-year average growth rate of 3.3 per cent.
The unemployment rate in the ACT is the lowest in the country. Our youth unemployment rate is well below the national average and fell over the past 12 months, to currently sit at just 8.7 per cent.
Our strong and growing economy is creating more good jobs, and we continue to attract bright, skilled people from across Australia and around the world because of the great quality of life on offer here.
The ACT’s solid fiscal management and strong economic outlook has been confirmed by the international ratings agency Standard & Poor’s. In September 2018, the agency confirmed our AAA credit rating, and upgraded the ACT to a stable outlook. This is the highest rating possible for any state or territory government, and is shared by only Victoria and NSW within Australia.
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Section: Andrew Barr, MLA | Media Releases
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