Minister Barr: 2015-16 ACT Budget - For Canberra
- Written by ACT Government
Released 02/06/2015
This budget will ensure Canberra remains the world’s most liveable city and remains a place all Canberrans can be proud of, with an economy in which we can all feel confidence.
We are proud of our city’s international reputation, proud of our excellent universities, and proud of the renewal that is breathing new life into our town centres and suburbs.
Health and education investment for Canberra
This budget delivers another record investment in the areas that matter most to Canberrans – health and education. This year, we will invest $1.5 billion into our health system, with $161 million in new funding over the next four years to deliver better support, better services, better equipment, better facilities and more beds. Work is also starting on the city’s newest hospital – the University of Canberra Public Hospital.
We are also investing in our future through our nation leading education system. This budget invests more than $160 million of new funding for modern classrooms and schools, and for more support for students.
Suburban Renewal and better transport for Canberra
We are all proud of Canberra. To ensure our suburbs and town centres look great – to ensure they reflect the pride we feel in them – this budget provides more funding for suburban renewal. This budget delivers more urban maintenance right across Canberra.
The Government is also making significant investments in Canberra’s transport network. This includes new and ongoing investments in our active transport network- with more bike and walking paths and better connections in our town centres. The Government is also making a $375 million capital contribution to the ACT’s first light rail project, which will help fund the project once construction of stage one is complete and operation has commenced.
Economic growth and diversification for Canberra
This budget will boost the ACT economy, creating the jobs and opportunities local residents need to reach their potential. A growing economy means the Government can deliver the services Canberrans depend on, and maintain our uniquely Canberran way of life.
The funding in this budget for Canberra delivers record investments in infrastructure, with $2.8 billion over four years allocated to capital works. This investment will generate jobs for Canberrans, stimulate the building and construction industry in the ACT, and provide the facilities and infrastructure our residents and businesses need.
This budget is also helping to create employment in the ACT’s business sector, through funding of the Government’s latest business development strategy - Confident and Business Ready – Building on Our Strengths. The strategy includes funding for programs supporting the private sector’s expansion in the ACT economy through enterprise focused activities, more promotion of our city and an increase to the payroll tax threshold to $2 million by 2016-17.
The ACT Government is continuing its nation leading tax reforms in this year’s budget; creating a fairer and more efficient tax system that will bring long-term economic benefits to the Territory. The Government is continuing to cut duty on insurance premiums and continuing to cut stamp duty – making insurance cover and buying a home more affordable.
Liveability and social inclusion for Canberra
Social inclusion is a cornerstone of this Government’s values and policies – and the ACT Government is committed to ensuring opportunities can be shared by all Canberrans. The ACT Budget funds more that $389 million in recurrent funding for people who need a helping hand.
The 2015-16 Budget also builds on the long standing and ongoing support to counter domestic violence in our community. New funding in this budget to increase capacity at key domestic and sexual violence services to handle the spike in demand is coupled with additional funding to prevent domestic violence and educate the community.
Prudent budget management for Canberra
The Territory’s operating balance will see a deficit of $597 million in 2014-15, and a predicted deficit of $407 million in 2015-16. The impact of the Asbestos Eradication Scheme will now be seen across two financial years, before reducing its effect on the Territory’s operating balance by 2017-18.
To address the Mr Fluffy legacy in the ACT, the ACT Government borrowed $1 billion from the Commonwealth Government – around one fifth of our entire Budget.
The Commonwealth declined to honour an earlier agreement to assist with the cost of the scheme, leaving the ACT facing a $370 million net loss. Combined with the cuts to the Territory’s share of the GST of $137 million in 2015-16 and reductions in Commonwealth funding for health, it has left the ACT facing one of the most difficult financial landscapes in our short history.
Despite these pressures, the ACT Government is supporting growth in the Territory economy, encouraging investment, supporting local businesses, lowering taxes and playing to our economic strengths. Throughout the Commonwealth Government cutbacks, we have kept the economy moving and unemployment low. Importantly, we’re doing this while maintaining the high level of service Canberrans deserve.
This budget invests in even better suburbs, parks, roads and transport. It invests billions of dollars in infrastructure and long-term projects.
This is a budget for Canberra.
Print version of media release - Statement ends - Section: Andrew Barr, MLA | Media Releases
