The ACT’s economy has grown consecutively for 32 years, according to national accounts figures released by the Australian Bureau of Statistics today.

Chief Minister Andrew Barr said this was “a remarkable achievement for the ACT”.

“This has been achieved despite a once-in-a-century pandemic, a global financial crisis, the tech-wreck recession, and the public service-slashing Abbott and Howard Governments.

“A strong local economy creates more jobs, supports higher wages, and delivers more investment into the infrastructure that makes Canberra one of the most liveable cities in the world.”

Mr Barr expects the economy to grow at 3 per cent per annum over the coming years, supported by the ACT’s growing population, employment and wages growth, and the government’s Infrastructure Investment Program.

“Over the 32 years of consecutive growth, the ACT Government has been able to deliver major infrastructure that supports our growing population,” Mr Barr said. “More schools, more hospitals, a world class road network, and the start of a city wide light rail network.”

The ACT’s unemployment rate in July 2022 was 3.3 per cent, and underemployment was also historically low, Mr Barr said. He stated that because more local jobs were being created than ever before, the government was well on track to meet its target of 250,000 local jobs by 2025.

“Australia will continue to face short-term economic challenges, with a softening of the national economic outlook as business and consumer confidence is impacted by the short-term inflation spike and the lifting of the cash rate by the Reserve Bank of Australia,” Mr Barr said.

“The ACT Government is aware of the cost-of-living pressures some Canberrans are experiencing, and our recent Budget is delivering more Government services to support low income households.”

Mr Barr also expected the Commonwealth Government would provide additional support through their Budget.