Our recovery

Before the pandemic, the ACT economy was strong and stable. COVID-19 hit some sectors harder than others, and the resulting challenges faced by some businesses have been significant. However, our high vaccination level has put our economy in the best position to spring back. Consumer spending has rebounded strongly as restrictions have eased. With international borders gradually reopening, our tourism and international education sectors are also expected to drive growth into 2022 and beyond.

Figure 1: Gross State Product (GSP), ACT

Sources: ABS Australian National Accounts: State Accounts; and Chief Minister, Treasury and Economic Development Directorate

Over the fortnight ending 30 October 2021, payroll jobs increased by 4.4 per cent in the ACT as the Territory came out of its lockdown. The ACT’s growth rate was the highest of all jurisdictions and higher than the national average of 1.4 per cent over this period.

Largest ever infrastructure program

At $5 billion, our five year General Government Sector infrastructure investment program will deliver investments in health and community wellbeing, education and skills development, and in environment, climate, transport and planning. The program will be the foundation for a vibrant, inclusive, and innovative society that connects people with places.

Importantly, our projects will have a high local content to provide good local jobs and ensure fast delivery. An additional $1.4 billion over five years will be delivered through Government’s public trading enterprises bringing the total to $6.4 billion.

Figure 2: Payroll job index, 14 March 2020 - 30 October 2021, ACT

Sources: ABS Weekly Payroll Jobs and Wages in Australia, interim

Housing

The ACT Government has allocated $1 billion for public housing across Canberra, and since 2015 we have delivered 1,505 new properties. We have also provided an additional $80 million for the repair and maintenance of existing public housing properties, which will improve the quality of life of current and future tenants.

In addition, the Government’s Common Ground Dickson development will include 40 residential units as well as communal areas, community spaces, onsite support services and provision for a social enterprise business. The complex will provide long-term, high-quality housing options for people experiencing chronic homelessness and for low-income earners, such as older women, single parents and families with children.