Under normal circumstances, the Treasurer would deliver the Territory’s annual budget in June. But, consistent with the Government’s agreement with National Cabinet to not present a budget at this time, on 18 June 2020 the ACT Legislative Assembly passed a resolution to delay the 2020-21 Budget and Appropriation Bills until after the ACT Election.
The Economic and Fiscal Update presents an update on the Territory’s economic conditions and whole-of-government statements.
The Territory is the first jurisdiction in Australia to provide updated estimates across the entire forward estimates. The document also includes an update to the Government's fiscal and budget strategy in light of the significant changes arising from the pandemic.
Initiatives delivered by the Government to support the Territory in responding to the COVID-19 pandemic are also detailed, as well as information on the Government’s 2020‑21 Capital Works Program and Indicative Land Release Program. A 12-month procurement pipeline will also be released, further assisting the construction sector to plan with certainty.
August 2020 Economic and Fiscal Update
ACT Jobs and Economic Recovery Plan
While the ACT economy has shown resilience and performed better than most other jurisdictions across Australia, most industries have been negatively impacted.
This is why the ACT Government is committed to keeping Canberrans employed and growing jobs to reach a target of more than 250,000 jobs by 2025.
Impacts and outcomes of the Government’s tax reform program
Since 2012, the ACT Government has been undertaking a significant tax reform agenda.
The aim is to create a more reliable revenue source through general rates to fund our essential services such as hospitals, schools, transport and city maintenance. Inefficient and unfair taxes such as stamp duty and insurance duty will continue to be reduced.
In 2019, the Government commissioned an analysis of the tax reform program to assess progress across its first seven years to understand the impact of the program on the ACT community and economy.