ACT Chief Minister Andrew Barr has never experienced a more challenging period in which to govern, he told Canberra’s business community in his annual State of the Territory Business Address at the Hyatt Hotel yesterday.
COVID-19 had created massive uncertainty for government and businesses; nevertheless, Mr Barr predicted a rosy future for the ACT’s economy.
The ACT was one of Australia’s strongest economies; it had performed 20% above the decade-long average this year. On current trajectory, Mr Barr predicted the ACT economy would grow larger than the Northern Territory and Tasmania combined in the next decade. It was also the only sub-national government in the Asia-Pacific region with a gold AAA rating.
The ACT Budget will be released later this month. In it, the ACT Government will continue to focus on economic recovery, Mr Barr said.
The 2021/22 Budget will support households and businesses as the ACT Government works towards 250,000 local jobs by 2025, he said. Budget priorities include creating jobs through record investments in public health and education and training, and increasing Canberra’s public housing stock.
The Chief Minister predicted record levels of employment growth in the ACT over the next four years in space, cyber, renewable energy, healthcare, arts and creative industries, and community services.
The government would partner with businesses and universities to attract and retain the workforce the ACT needed. Many parts of the ACT found it difficult to recruit skilled workers; that would get harder in the short term before improving as the national economy bounced back, Mr Barr said. Border closures would restrict skilled migration for some time to come. But the ACT’s success in managing the pandemic and its progressive environmental policies had made it an attractive place to work and live.
“We can’t be complacent,” Mr Barr emphasised. “We know that the competition for talent, for skilled workers, is fierce, particularly in industries like hospitality, construction, health, and digital technology. Interstate businesses are looking at Canberra as a place to poach Australia’s most skilled, high-calibre workforce. So, whilst we need to be looking across the rest of Australia, I think the rest of Australia will also be looking at us.”
Travel restrictions and border closures had harmed tourism businesses that rely on interstate visitors, Mr Barr acknowledged; 90% of the traditional visitor market had not been able to travel to the ACT.
Last month, the ACT Government announced targeted financial assistance for the tourism sector, including support for accommodation and tourism venue operators.
Mr Barr had asked Federal Treasurer Josh Frydenberg and Minister for Trade, Tourism and Investment, Dan Tehan, to set up nationally consistent support for tourism and hospitality businesses and workers. He had also asked the Commonwealth to extend the COVID-19 disaster payment to tourism and hospitality workers who lost income because of outbreaks in other jurisdictions.
For more news:
