The lack of economic planning from the ACT Labor government is continuing to rear its ugly head with the Territory economy slumping from third to sixth worst Australian economy. Today’s State of the States report from Commsec also warns the ACT could slip further, Shadow Treasurer Brendan Smyth said today.
“Today’s report is yet another indicator showing the government has failed to diversify the economy over the past 12 years of ACT Labor. It’s a damning indictment on Andrew Barr who has upheld the government’s lack of action in building the local business community and attracting investment,” Mr Smyth said.
“The breakdown of the report is worrying. The ACT is lagging behind as the third lowest economy in retail spending. We have the second lowest rate of construction and the third lowest trend in annual economic growth. The ACT also has the lowest business investment in the country. It’s fallen nearly 41%. It’s embarrassing.
“Unfortunately though, it comes as no surprise with ACT Labor’s predatory approach to Canberra’s business community characterised by ever increasing taxes and charges.
“Over the past 12 years there have been many impacts on the economy and Andrew Barr is responsible for our positioning to them. It’s not good enough for the Treasurer simply to blame the federal government again. He has to take responsibility.
“It was only in February this year when he blamed local business for not stepping up to the plate regarding investment. Andrew Barr is the last thing local business needs in Canberra.
“How much worse does it have to get? Only the Canberra Liberals can restore confidence and encourage the business base the ACT needs,” Mr Smyth concluded.