The ACT Government's fiscal update details the effects of an 'extremely challenging 2020', including record collapses in revenue and economic activity.
ACT Government finances are in their worst-ever state as the global COVID-19 pandemic and a collapsing national economy drive Canberra into recession.The ACT economy is forecast to shrink by about 1.5 per cent this financial year before reboundingRecovery depends on avoiding a second COVID-19 and international travel resuming
The Treasury estimated this "may be the largest quarterly contraction on record", with workers in hospitality, the arts and tourism hit hardest.ACT Government debt will rise to unprecedented levels as the territory deals with a dramatic collapse in revenue while spending more than ever to prop up the economy.
The economic update documents show the ACT Government is bracing for sharp falls in GST and local tax revenue, as well as income from land sales. "The price of not increasing public expenditure now in a temporary and targeted way is to sit by and watch a deep recession become a prolonged depression, destroying our economy into the future," the update papers said.
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