The ACT’s economy is continuing to grow, as more and more people choose to call Canberra home.
The national accounts figures released by the Australian Bureau of Statistics today show a remarkable achievement for the ACT – 32 years of consecutive economic growth.
This has been achieved despite a once-in-a-century pandemic, a global financial crisis, the tech-wreck recession and the public service slashing Abbott and Howard Governments.
A strong local economy creates more jobs, supports higher wages and delivers more investment into the infrastructure that makes Canberra one of the most liveable cities in the world.
The economy is expected to continue to grow at around 3 per cent per annum over the coming years, supported by our growing population, employment and wages growth, and the Government’s Infrastructure Investment Program.
Over the 32 years of consecutive growth, the ACT Government has been able to deliver major infrastructure that supports our growing population. More schools, more hospitals, a world class road network and the start of a city wide light rail network.
The ACT’s unemployment rate in July 2022 was 3.3 per cent and underemployment was also at historically low levels. Locally more jobs are being created than ever before – keeping us well on track to deliver our target of 250,000 local jobs by 2025.
Australia will continue to face short term economic challenges, with a softening of the national economic outlook as business and consumer confidence is impacted by the short-term inflation spike and the lifting of the cash rate by the Reserve Bank of Australia.
The ACT Government is aware of the cost of living pressures some Canberrans are experiencing, and our recent Budget is delivering more Government services to support low income households. We also welcome the expected additional support that the Commonwealth Government will provide through their Budget.
