Economic development


The ACT economy is one the strongest in the country, and among the fastest growing of all states and territories. The 2018 Budget continues to invest in programs and initiatives that will bolster this growth, and diversify our jobs base to benefit all Canberrans.

We have supported 650 start-up businesses through $1.3 million in funding for the CBR Innovation Network over the past year.

Defence and defence-related industries are now contributing $4.3 billion to the economy, and our service exports have reached $2 billion. We delivered $350,000 to Screen Canberra for film production projects and fostering our local talent base.

13.6 % economic growth in the last 3 years

Our service exports are growing

Broadening our horizons

Qatar Airways and Singapore Airlines now fly daily out of Canberra, opening up our international tourism and business opportunities.

Canberra’s visitor numbers are at an all-time high, and we are on track to reach our goal of $2.5 billion in overnight visitor expenditure a year by 2020.

We are establishing a Screen Industry Development Fund to invest in commercial screen productions undertaken in Canberra & help our local film industry continue to grow by attracting more major projects.

Education as a leading export

Tertiary education is now the ACT’s leading services export at $880 million per annum, with our tertiary and research sector contributing well over $3 billion to the economy.

Our strong partnerships with local universities, research institutions, and CIT are strengthening Canberra’s appeal as a leading place to study.

Our top 5 industries and exports

IndustriesExports
1. Public administration 1. Education
2. Health care 2. Government goods & services
3. Professional scientific & technical services 3. Tourism
4. Construction 4. Technical services
5. Education & training 5. Research & development services

In this budget: $1.6 million for the Project Facilitation Unit for new investment & job creation opportunities, $2 million to grow the Majoyr Event Fund to attract more visitors to Canberra


Related

Economic development (pdf 305.5 KB)