In 2023-24, a balanced Budget supports the Government's decision to invest in more services and infrastructure our city needs now, as well as the delay in revenue initiatives and external impacts on the ACT's economy including high inflation.
Fiscal Position
The Government has a clear short, medium and long term fiscal strategy.
In last year's Budget the ACT's fiscal position had improved by over $800 million over four years. Today, our fiscal position continues to strengthen by a further $403 million, , as compared to the 2022-23 Budget.
The Government now projects operating balance surpluses, of $142 million in 2025-26 and $212 million in 2026-27.
Operating cash surpluses are forecast to reach $700m in 2026-27.
Key balance sheet metrics for 2023-24 – net debt, net financial liabilities and net worth – are all broadly comparable with the estimates presented in the 2022-23 Budget Review.
Total revenue has increased by greater than total expenses over the three years from 2023-24 to 2025-26 compared to the 2022-23 Budget Review.
This reflects the Government's commitment to the principles of good fiscal management: sustainable economic growth; sound public finances; quality and efficient services; sustainable taxation and revenue and a strong balance sheet.
Economic Overview
With more people choosing to call Canberra home, Canberra's economy and jobs market continues to grow.
The Territory is at full employment, with the unemployment rate under 3 per cent – the lowest in the nation.
We have achieved our 250,000 jobs target two years early; and are on our way to 300,000 jobs by 2030.
Public investment will grow in 2023-24, supported by the ACT Government's Infrastructure Investment Program.
ACT Gross State Product is expected to continue to bounce back from the impacts of COVID-19 to grow strongly in 2022-23 before moderating in 2023-24 and then strengthen gradually from 2024-25 onwards.
Investing in the Wellbeing of Canberrans
Today's Budget delivers the healthcare, housing and cost of living support Canberrans deserve. It builds the hospitals and schools that make Canberra one of the world's most liveable cities. It supports our economy to create thousands more secure local jobs.
It provides one of the biggest investments in housing in the Territory's history.
Our $345 million housing package will deliver new social and affordable homes for Canberrans; and accelerate major repairs and maintenance across thousands of our existing public housing properties. It's a comprehensive response that delivers the housing that Canberrans need now and will need in the future.
Many Canberrans are doing it tough due to inflation. Inflation is a national and international problem, but through this Budget we are delivering local solutions. This Budget delivers targeted cost of living support for the households who need our support the most. More than 43,000 Canberra households will benefit from this year's Budget with an increase to the Utilities Concession.
Through this Budget we will also complete and open the major expansion of the Canberra Hospital and take significant steps to commence construction on the New Northside Hospital.
It is a Budget that builds for the future, and puts forward a vision for our city that is modern, liveable and inclusive.
