Released 09/02/2023
The ACT’s Headline Net Operating Balance is forecast to be a deficit of $461.5 million in 2022‑23 – a $21.5 million improvement on the 2022-23 Budget estimate. The deficit is forecast to be lower in every year of the forward estimates and over four years this is a cumulative improvement of $261.3 million.
The 2022-23 Budget Review is the third consecutive budget update to report improvements in the Headline Net Operating Balance across all years.
A key factor in the improving Budget outlook and health of Territory’s fiscal position is our nation-leading employment and wage outcomes.
The Government is systematically reducing debt over the long term, while also strategically investing in infrastructure that is built for Canberra to ensure that our city continues to be one of the most liveable in the world.
In this mid-year Budget update, the Government is making additional investments into the Canberra Hospital expansion and our local schools, sports and recreational facilities.
We are also continuing our nation leading transition to a low-emissions future. The Budget review makes significant investments in our zero-emissions bus fleet, and our highly successful Sustainable Household Scheme.
Strong population growth over recent years, combined with the return of international students and migrants, will further support the ongoing resilience of the ACT economy including our near full-employment labour market.
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Andrew Barr, MLA | Media Releases