Minister Barr: 2024-25 ACT Budget prioritises healthcare, housing and cost of living
- Written by ACT Government
Released 25/06/2024
The 2024-25 ACT Budget delivers more health services, invests in improving housing choice, access and affordability, provides targeted cost of living relief and builds the infrastructure our growing city needs. This Budget reflects our priorities and aspirations for our growing community – to be the best place in the country to live, to work, to invest, to study and to call home.
Healthcare
This Government has always prioritised our public health system, and this Budget contains a record $2.6 billion investment to ensure Canberrans can access the right care, at the right place and at the right time.
The Budget builds on the substantial investment in our health system, with $920 million of new healthcare initiatives being invested over four years.
This includes the introduction of minimum nurse and midwife-to-patient ratios, the expansion of paediatric care, ongoing support for digital health services, permanently funding the second PACER team, doubling the size of the Acute Medical Unit and increasing emergency and elective surgeries.
Housing
The Budget includes more than $285 million in funding for housing initiatives, including; $118 million to boost social housing assistance and homelessness services; $80 million in planning initiatives to strengthen housing choice and quality; $67 million to support private renters and help more people buy their own home, by extending the Rent Relief Fund and expanding a range of stamp duty concessions and exemptions and an extra $20 million investment in the Affordable Housing Project Fund that us already supporting 280 new and well-located affordable rental homes across six projects.
The Government is continuing to support new housing by making more land available through the Indicative Land Release Program, including for community housing.
Cost of Living
While our economy is on track for a 34th year of consecutive growth - we know some Canberrans are still experiencing cost of living pressures. This year’s Budget does more for low-income households, including a new, one-off $250 payment to support local apprentices and trainees. The ACT Government is also expanding the Future of Education Equity Fund, with an additional $1m. The Fund has been hugely successful in supporting students and families in need, helping them with the costs of their education.
Over 40,000 low-income households in Canberra will also benefit from an increase to the Electricity, Gas and Water Rebate. The payment will be increased to $800 per year, helping these households with their home energy costs.
Infrastructure
The Government is delivering an $8 billion Infrastructure Investment Program over the five years to 2028-29.
Our capital investment priorities continue to be health, education, public transport, public housing, climate action and urban renewal.
We have progressively updated the Infrastructure Plan through the term - adopting a staged approach to planning and delivering our infrastructure needs to achieve optimal timing and funding of investment. In the context of national industry and market capacity constraints and price volatility, this is particularly important.
Over the five years to 2028-29 the Government has committed to:
- More than $2.0 billion on public transport, roads and active travel
- More than $1.1 billion on education and skills infrastructure
- More than $1.0 billion on health infrastructure
- More than $570 million for city services, recreation and community facilities
- More than $540 million for entertainment, arts and sport
- More than $520 million on housing infrastructure
- More than $225 million on climate action and environmental infrastructure
Education
Strong literacy and numeracy foundations lead to greater levels of school completion and higher lifelong earnings, benefitting the economy and community more broadly.
That is why in this Budget we are providing funding to deliver consistent teaching practices, common assessments, resources and support for parents and professional learning for teachers, school leaders and learning assistants across all ACT public schools.
Climate Action
By supporting families to electrify their household appliances through the Sustainable Household Scheme and other actions in our Integrated Energy Plan, we are assisting the ACT community’s transition to a cleaner future.
The Government is investing in an all-electric, zero emissions future for Canberra with the release of a new Integrated Energy Plan as part of this Budget, containing a range of Government commitments to support Canberrans through the transition to cheaper, cleaner energy.
Swapping from gas to electric appliances and investing in energy efficiency will deliver significant bill savings to Canberrans. For the 18,700 households that have already taken up loans under the SHS, to date they have already saved an estimated $43 million on their energy bills.
Economic Forecasts
Over the decade to 2022-23, the ACT has led the country in economic growth, with real Gross State Product growing at 3.5 per cent per annum, compared to 2.4 per cent nationally.
However, while our economy is on track for a thirty fourth year of consecutive growth, the rate of growth will be slower this year as we face short-term economic challenges, with a softening of the national economic outlook.
We are optimistic that future household consumption increases will be spent in Canberra businesses. Our strong labour market, public demand, wages growth and population growth will continue to underpin our economic activity.
Financial Management
Despite rising costs of service delivery and construction costs, the Territory’s financial position remains strong.
The Budget outlines a sensible and sustainable pathway for a balanced Budget.
The Budget’s Headline Net Operating Balance position is forecast to improve each year and will return to balance over the forward estimates, while the operating cash balance also continues to improve across the same period.
- Statement ends -
Andrew Barr, MLA | Media Releases
