The ACT economy has demonstrated that the ACT has significant resilience in the face of disruptions caused by the pandemic, according to the Treasury’s 2021-22 Budget Review.
Releasing the Review, Chief Minister and Treasurer, Andrew Barr said the economic recovery could be seen to be having a positive impact on the ACT’s fiscal outlook.
“The improvement in the Headline Net Operating Balance since the October 2020-21 Budget is $475 million over four years to 2024-25,” Mr Barr said.
“The path back to budget balance will continue to be a key priority for the Government over the medium term,” he said.
“Total revenues have improved by $855.8 million over the four years to 2024-25, primarily driven by an increase in the national GST pool and own-source revenue – demonstrating a significant recovery in economic activity.”
Mr Barr said total expenses had also increased by $375.8 million over four years to 2024-25, “driven by the need for ongoing funding to support the ACT’s pandemic response”.
He said the Budget Review allocated an additional $105.3 million towards ongoing public health activities as the Territory prepared for an anticipated increase in COVID-19 cases through winter.
“As we head into the colder months, we must also remain vigilant and prepared for the possibility of new variants and the effect of seasonal illnesses such as influenza,” he said.
“The 2021-22 Budget Review has been developed with this dual focus in mind – continuing to address the immediate public health emergency and improving the wellbeing and quality of life of Canberrans into the future.”
Mr Barr said the Review also allocated an additional $185.8 million to infrastructure projects, including the Canberra Hospital expansion and local school upgrades.
He said additional funding had also been allocated towards enhancing the accessibility, timeliness and transparency of the coronial system; fitting out the office of the newly established Coroner for the ACT; establishing a cross-Agency taskforce to review sexual assault cases in the 18 months to 31 December 2021; establishing the $16 million Loose-Fill Asbestos Disease Support Scheme; and the delivery of elective surgery in public hospitals.
The Territory’s 118-page mid-year Budget Review can be accessed at this PS News link.
