Minister Barr: ACT continues status as the fastest growing economy in Australia
- Written by ACT Government
Released 07/09/2016
The ACT economy is growing at the fastest rate of all states and territories in Australia, new figures from the Australian Bureau of Statistics show.
The State Final Demand (SFD) figures again show the strength of the Territory economy. In addition to having the highest growth in economic activity in the country, the Territory has the strongest retail trade in the country and the second lowest unemployment rate, at 3.6 per cent.
The Territory retains its AAA credit rating, with Standard & Poor’s praising the “the ACT's very strong economy and financial management, and strong budgetary flexibility”.
This is a direct outcome of the ACT Government’s successful management of our economy through the years of cuts from the Federal Liberal Government.
Local residents and businesses are seeing the potential of our economy through the creation of jobs. National and international businesses are also seeing the growth in the Territory, highlighted by the arrival of Singapore Airlines who will start direct international flights to and from Canberra in just two weeks time.
Today’s figures show that economic activity, as measured by SFD, increased by 6.0 per cent in the year to June 2016. This is by far the highest rate in the country: the ACT’s growth of 6.0 per cent was well above the next highest jurisdiction (NSW, up 3.8 per cent, and Victoria, up 3.5 per cent), and well above the national growth rate of 1.2 per cent.
In the June quarter the Territory’s SFD growth rate of 3.8 per cent was also the highest rate in the nation. The ACT was above the next strongest jurisdiction (Northern Territory, up 2.4 per cent), and well above Victoria (up 1.1 per cent), NSW (up 0.6 per cent), and the national rate of 0.6 per cent.
- Statement ends -
Section: Andrew Barr, MLA | Media Releases
