The ACT Government manages the ACT's finances prudently and responsibly. We have delivered 10 surplus budgets and invested in future growth.
This means we are in a good position now to manage the impact of the reduction in Commonwealth Government spending, although this is a difficult time for the ACT economy.
Our strategy with this Budget is threefold.
First, we will maintain a balanced budget over the medium term.
Second, we will leverage our strong balance sheet to invest in infrastructure, to transform our city and stimulate economic activity and create jobs when we need them most.
Third, we will support our economy in the short term, to help counter the impact of job cuts by the Commonwealth Government.
The Government will not cut spending or implement austerity measures at this time but will instead invest in growing our economy, creating jobs and supporting our community.
We will not sacrifice Canberra's quality of life or the strength of our economy for a budget bottom line.
That means in this Budget we are raising responsible levels of borrowings to invest in infrastructure and job creation.
This investment in transformative infrastructure projects will not only help create jobs but will provide the Canberra community with quality facilities now and into the future.