Our economy is becoming more and more diverse
Canberra is home to more than 25,000 businesses
Growth in our economy
- implementation of Phase 2 of the Business Development Strategy
- single business licensing framework
- one-stop-shop for environmental approvals
- innovation and trade investment funds
- big boost for tourism
- direct international flights
- City to the Lake projects
The ACT Government is supporting the expansion of the business sector. The recent partnership with 12 regional councils in NSW to form the 'Canberra Region' and the agreement with QantasLink to relocate heavy maintenance for its Boeing 717 fleet to Canberra are among a range of ACT Government initiatives that will help grow and diversify the economy.
Delivery of the Business Development Strategy has also underpinned the economy's transition with the establishment of the CBR Innovation Network to increase business innovation, Invest Canberra to attract business, and the CBR Brand to raise our city's profile.
To support continued growth in the private sector, the 2015-16 Budget will provide $29.1 million in recurrent funding and $51.7 million in capital funding to encourage business investment, create more jobs in new industries and to increase digital services.
Easier ways to do business
We want to make it easier to do business in Canberra.
Having the right systems in place is vital if the ACT is to compete for business on a national and international level.
The Government has already put in place a range of initiatives to make it easier to do business.
The Government has established 'Access Canberra' to make it easier for businesses, community groups and individuals to access shop-front and regulatory government services in one place.
In line with the creation of Access Canberra, the Government will establish a single business licensing framework which will simplify licensing processes.
The Government will also replace the land titles system which will make property transactions considerably simpler and faster.
Access Canberra will create additional online services to make it easier to interact with Government anywhere, anytime.
In the 2015-16 Budget, the Government will invest in an 'e-Development' system, which will also deliver end-to-end processing of Development and Building Applications.
A one-stop-shop for environmental approvals will be established for quicker approvals and faster land development.
The Government will continue implementation of the Business Development Strategy by establishing a CBR Innovation Fund and a CBR Trade and Investment Fund to increase business innovation, trade development and private investment.
Growth in our visitor economy
This Government is a strong supporter of tourism and events for the region, most recently demonstrated through support for the National Multicultural Festival and the signing of a revised Memorandum of Understanding with the Canberra Airport which focuses on increasing visitation and export opportunities.
Through the 2015-16 Budget, the Government will continue to support Brand Canberra by joining with the private sector to promote Canberra as a great place to live, work, invest, study or visit.
There will be more marketing campaigns and the Government will seek to attract direct international air services to and from key markets.
The Government will also continue with its City to the Lake project by transforming the West Basin of Lake Burley Griffin with a new park and other infrastructure.
Continued tax reform
The ACT's tax reform program began in 2012-13 to make the Territory's taxation system fairer, simpler and more efficient.
These reforms continue in the 2015-16 Budget with lower conveyance and insurance duties being made up through the collection of general rates.
Over the course of the next four years, revenue from inefficient conveyance and insurance duties will fall from around 16 to 14 per cent of tax revenue. Insurance duties will be abolished by 1 July 2016.
These changes will lessen the impact of taxation on the economy and maintain the sustainable delivery of Government services into the future.