10 May 1995
Embargo: 7.30am, Wednesday, 10 May 1995
FEDERAL BUDGET GOOD NEWS FOR Canberra - McMULLAN
The Minister for Trade and ACT Senator, Bob McMullan, said today the 1995-96 Federal Budget is good news for Canberra.
Senator McMullan said the 1995-96 Federal Budget is a 'balanced budget' designed to meet the major economic challenges facing Australia, as well as social justice imperatives.
"Budget initiatives will boost our national savings and help us meet the challenge posed by the current account deficit.
"Over the medium term, it will enable us to fund investment for future growth from our own savings, rather than from overseas borrowings.
"The Budget is also designed to show the financial markets that the Australian economy can deliver sustained growth without higher inflation - it reduces the Budget call on domestic savings and takes the pressure off interest rates.
"At the same time, it provides for the needs of Australian families.
"As Senator for the ACT, I can say without reservation it is a very good Budget for the region.
"The Budget will provide jobs for Canberrans through capital works programs such as the Russell offices ($46.4 million in 1995-96) and ongoing capital works programs which include:
. Old Parliament House ($2 million in 1995-96)
. National Film and Sound Archive ($11.6 million)
. HMAS Harman ($3 million in 1995-96)
. Duntroon ($13.4 million in 1995-96)
. Defence Academy ($2.8 million in 1995-96).
"Total capital works for the ACT total almost $316 million, with around $83 million committed for 1995-96 (see attachment).
"Employees in Canberra will be substantial beneficiaries of the superannuation initiative announced in the Budget.
"All Commonwealth public servants will get the benefit of the Commonwealth's contribution, without having to make their own further contributions.
"The restraint on Public Service running costs will obviously constrain the recruitment of new employees in the Public Service, but I don't believe that needs to put current jobs at risk.
"Certainly, the boost to jobs in the ACT through capital works initiatives will outweigh the impact of any constraints on the growth of the public sector."
"Overall, it is a Budget for all Australia and, accordingly, good for Canberra."
Further information: John Flannery, (06) 277 7420