The ACT continues to have Australia’s fastest growing economy, and we’ve received yet another strong endorsement today.
Credit rating agency Standard and Poor’s have upgraded the ACT Government’s credit rating to AAA with a stable outlook. This is the highest possible rating possible for any state and territory government.
The ACT has weathered years of cuts from the Federal Government since the infamous 2014 Abbott Budget.
Despite the continued threat of decentralisation, Canberra currently has the lowest unemployment rate in the country and our territory Budget has returned to surplus.
This comes after very strong State Final Demand figures earlier this month.
State Final Demand measures the total value of goods and services that are sold in a particular State or Territory and the ACT’s State Final Demand grew by 5.8 per cent in real terms over the last financial year – significantly outpacing demand in the national economy, which grew by 3.4 per cent.
This result is further confirmation that some of the scepticism from commentators at the time of the 2018 Budget about our forecast levels of growth was misplaced – again.
One of the strongest areas of growth has been in private business investment.
Private investment is up 14.7 per cent over the past year.
It’s great to see Canberra businesses investing in new buildings, equipment and other goods because it shows they’re feeling optimistic about the future and our city’s prospects.
Stable Governments create jobs.
The steps we are taking to boost secure work with decent pay here in Canberra are good for workers, and the State Final Demand figures highlight that they’re also good for the wider economy.
The ACT Government will continue to deliver the services and infrastructure our growing city needs, while managing a strong economy to protect local jobs.