To the support the continued strength and growth of the ACT economy, the Chief Minister and Treasury Directorate coordinates the development and delivery of economic policy across ACT Government and providing strategic advice to the Chief Minister, Treasurer and ACT Government on the economy of the ACT and the region.
This Directorate works to:
- developing economic strategies, policies and action plans, in consultation with other ACT Government agencies;
- monitoring the implementation and effectiveness of economic policies;
- advice on economic activity;
- undertake economic forecasting and provide statistical information;
- provide economic advice on policy matters relating to federal finanical relations, regulatory matters, sectors of the economy, such as insurance;
- support important mircoeconomic reforms inculding the ACT Government's taxation reforms; and
- mange the Government's finanical assests and liabilities inculding superannuation liabilities and investments.
The Australian Government's 'Australia in the Asian Century' White Paper has given added impetus to the action the ACT government is taking to connect our economy with the booming economies of Asia. The government is working across seven key action areas to harness the opportunities of Asia's growth and use it to continue the growth and diversification of the ACT economy.
The seven key action areas are:
- Asian language skills
- Education exports
- Sister city relationships
- Business, trade and investment links
- Direct aviation connections
- The Global Connect program
- Business and student networks
Capital Development: Towards our Second Century
Capital Development, released in September 2008, is the ACT Government's economic strategy to build a stronger, more dynamic and sustainable ACT economy. Capital Development is a high-level strategic framework, which sets enduring objectives and themes to guide future policies. It sets out the Government's ongoing commitment to prudent fiscal management, appropriate regulation, sustainable development, and working with the region to increase economic benefit. Central to Capital Development are three strategic themes which guide the Government's economic policies:
- investing in people to increase the capacity and flexibility of the economy;
- encouraging business and innovation to help foster a more creative, competitive and dynamic business sector; and
- building infrastructure and planning for the future to support and co-ordinate economic activity.
The ACT and its Region: Economic Relationships and Key Drivers of Economic Growth
The ACT and its Region: Economic Relationships and Key Drivers of Economic Growth was commissioned by the Chief Minister's Department in February 2008 to support the preparation of the ACT's economic strategy (Capital Development), and to inform policy deliberations and decision making by ACT Government agencies and ACT businesses. The report examines economic activity and linkages in the ACT and its region, the outlook and structure of the ACT economy, and the economic opportunities and risks facing the ACT.