Wednesday, April 24, 2024

ACT Budget delivers record housing investment

The ACT Government has tabled its 2023-24 Budget, with Chief Minister, Andrew Barr saying the Territory’s fiscal position has strengthened by $403 million on last year’s figures.

“The Government has a clear short, medium and long term fiscal strategy,” Mr Barr said.

“In last year’s Budget the ACT’s fiscal position had improved by over $800 million over four years. Today, our fiscal position continues to strengthen by a further $403 million, as compared to the 2022-23 Budget.”

The ACT Government now projects operating balance surpluses, of $142 million in 2025-26 and $212 million in 2026-27. Operating cash surpluses are forecast to reach $700m in 2026-27.

Key balance sheet metrics for 2023-24 – net debt, net financial liabilities and net worth – are all broadly comparable with the estimates presented in the 2022-23 Budget Review.

Total revenue has increased by greater than total expenses over the three years from 2023-24 to 2025-26 compared to the 2022-23 Budget Review.

“This reflects the Government’s commitment to the principles of good fiscal management: sustainable economic growth; sound public finances; quality and efficient services; sustainable taxation and revenue and a strong balance sheet,” said Chief Minister Barr.

He said the 2023-24 Budget would deliver the healthcare, housing and cost of living support Canberrans deserve.

“It builds the hospitals and schools that make Canberra one of the world’s most liveable cities. It supports our economy to create thousands more secure local jobs.”

It also provides one of the biggest investments in housing in the Territory’s history, he said.

“Our $345 million housing package will deliver new social and affordable homes for Canberrans; and accelerate major repairs and maintenance across thousands of our existing public housing properties. It’s a comprehensive response that delivers the housing that Canberrans need now and will need in the future.”

“Many Canberrans are doing it tough due to inflation. Inflation is a national and international problem, but through this Budget we are delivering local solutions. This Budget delivers targeted cost of living support for the households who need our support the most. More than 43,000 Canberra households will benefit from this year’s Budget with an increase to the Utilities Concession.

“Through this Budget we will also complete and open the major expansion of the Canberra Hospital and take significant steps to commence construction on the New Northside Hospital.

“It is a Budget that builds for the future, and puts forward a vision for our city that is modern, liveable and inclusive,” the Chief Minister said.

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