The 2202-03 ACT Budget released this week is to support health and education as the largest areas of expenditure for the Territory over the current financial year.
Announcing the Budget earlier this week, Chief Minister Andrew Barr said the deficit in the previous fiscal year (2021-22) was now estimated to be $580.4 million, $371.1 million lower than predicted at the time of the 2021-22 Budget.
“This improved fiscal position is also expected to continue in the coming years, with deficits now expected to be lower than previously estimated and progressively reducing to $229.4 million in 2025-26,” Mr Barr said.
He said that at $2.2 billion, Health was the largest area of expenditure in the year ahead, already accounting for nearly a third of all Government expenditure.
“Like every State and Territory around Australia, there are pressures across our hospitals and health facilities,” the Chief Minister said.
“As we have done throughout the pandemic, the Government is increasing resources across our health system so that our doctors, nurses, midwives and allied health care workers can deliver high quality, free public health care,” he said.
“The Budget includes a boost in services across the health portfolio, with over $390 million in new investment.”
Mr Barr said Education was the second largest area of expenditure at $1.6 billion, which would support the creation of new jobs by diversifying the ACT’s economy and encouraging skilled migration.
He said the Budget would also deliver a package to tackle housing affordability and supply, including targeted stamp duty cuts and the construction of hundreds of new public housing dwellings.
“The Budget Review released in March this year stressed cautious optimism about Canberra’s economic outlook and the Budget bottom line,” Mr Barr said.
“While we are still in an uncertain economic environment and the need for caution remains, Canberra’s future – our recovery from the pandemic, and our growth – presents many exciting opportunities.”
Treasury’s 27-page Budget at a Glance can be accessed at this PS News link and the complete Budget Statements at this link.
