A stronger economy growing more jobs
The 2018 ACT Budget will grow our investment in economic development with more support for emerging and high-growth industries, expanded marketing of Canberra and more major events.
The ACT Government’s efforts to diversify our economy and grow stronger local industries helped create almost 10,000 new jobs in Canberra last year.
There are 2,000 more businesses operating in Canberra today than there were three years ago. Our local companies are doing more international business than ever before, with the ACT's services exports rising by 22 per cent since 2015.
This year’s Budget will back our local firms to keep growing and creating more good jobs so everyone in our community can share the benefits.
Diversifying the economy and supporting local business
- $9.8 million to establish the Priority Investment Program to support growth and innovation in key sectors such as cyber security, information and communications technology and e-government, defence technology, agritech and environment, renewable energy, and space, spatial and satellite technology. The program will provide matched funding through a competitive grants process to organisations in key industry sectors
- $2.2 million over three years to continue brand development, marketing and international engagement activities for Brand CBR to promote Canberra as a great place to live, work, invest, study and visit.
More events for Canberra
- $7.6 million to grow and strengthen major events including Enlighten, Australia Day celebrations, SpringOUT and the Canberra Writers Festival
- $2.4 million to boost Canberra’s events calendar by supporting more significant events over the next three years. We will establish the Canberra Arts Biennial to showcase local, national and international artists and deliver a new festival focused on innovation, design, culture, coding and gaming. We will also support the return of the popular Windows to the World event by providing funding to enhance the programs delivered by the Embassies and High Commissions in Canberra and promote the event outside of the Territory
- $2 million in further support for the Major Events Fund, which boosts visitation to Canberra by attracting significant events and exhibitions like Hyper Real and Cartier.
A fairer tax system
The ACT Government is continuing to deliver our plan for a fairer, more sustainable tax system that meets the needs of our growing community.
The ACT is leading the nation in reducing and abolishing inefficient taxes like insurance tax and stamp duty. These reforms will ensure a stable and equitable revenue base so we can continue to deliver high quality services to our growing city.
We have cut stamp duty rates in every Budget we have delivered since 2012, and we will continue to do so every year across the forward estimates. By 2021-22 the buyer of a $500,000 home will be paying half the amount of stamp duty due when we started this reform – a saving of $10,500.
We are also continuing to reform commercial stamp duty – from 1 July this year there will be no stamp duty due for commercial properties worth $1.5 million or less. This will mean about 70 per cent of commercial property purchases will no longer involve stamp duty, a significant boost for small businesses and investment.
Media contact: Mark Paviour 0466 521 634 email@example.com