26 September 2023

ACT’s Budget on the gold path to improvement

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The Territory’s Budget position is continuing to improve with its Headline Net Operating Balance forecast expected to be a deficit of $461.5 million in the year 2022‑23.

Unveiling the news, Treasurer Andrew Barr said this was a $21.5 million improvement on the 2022-23 Budget estimate.

“The deficit is forecast to be lower in every year of the forward estimates and over four years this is a cumulative improvement of $261.3 million,” Mr Barr (pictured) said.

“The 2022-23 Budget Review is the third consecutive budget update to report improvements in the Headline Net Operating Balance across all years,” he said.

“A key factor in the improving Budget outlook and health of Territory’s fiscal position is our nation-leading employment and wage outcomes.”

Mr Barr said Government was systematically reducing debt over the long term, while also strategically investing in infrastructure to ensure the city continued to be one of the most liveable in the world.

He said that in this mid-year Budget update, Government was making additional investments into the Canberra Hospital expansion as well as local schools, sports and recreational facilities.

“We are also continuing our nation leading transition to a low-emissions future,” the Chief Minister and Treasurer said.

“The Budget review makes significant investments in our zero-emissions bus fleet, and our highly successful Sustainable Household Scheme,” he said.

“Strong population growth over recent years, combined with the return of international students and migrants, will further support the ongoing resilience of the ACT economy including our near full-employment labour market,” Mr Barr said.

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