Developments such as the proposed Canberra Technology City (CTC) data centre provide opportunities for the Territory to become more financially independent and less reliant on Commonwealth spending and property tax revenue, says Property Council of Australia ACT Executive Director, Catherine Carter.
“Whilst Canberra will always rely to a large degree on Commonwealth spending and revenue from property, the dramatic increase and reliance by the Territory Government in recent years on property tax revenue has been alarming. We urgently need to diversify our economic base so all our eggs aren't in one basket. The Canberra Technology City will help drive this much needed diversification of industry and employment, and will provide major business growth opportunities,” said Ms Carter.
The CTC will account for a significant increase to the ACT’s Gross State Product (GSP). A development of this scale should attract high-value data centre tenants such as global financial institutions and their skilled workforces and bring more skilled workers to Canberra. This in turn will open up more opportunities to diversify the workforce during construction and operation, with investment flowing on through to the local community, businesses and housing.
The Property Council of Australia welcomes the changes announced today (May 27) to the CTC Development Application (DA) and Preliminary Assessment (PA), which will ensure the development meets strict environmental regulations for noise and emissions.
Ms Carter said, “We support changes to the CTC proposal as they address the concerns of Canberra residents, namely noise levels and emissions.”
Following this year’s Commonwealth Budget announcement to streamline the Commonwealth public service, it is now even more crucial to work towards diversifying the ACT economy through major infrastructure projects in the capital.
“We need an economy that is resilient to changes in Commonwealth Government policies. Increasing private sector investment in our Territory supports a strong and independent economy, moving Canberra beyond dependence on the Commonwealth and the Territory’s ever-increasing reliance on property tax revenue,” said Ms Carter.
Infrastructure represents a significant share of our economy. The Property Council regards this as a critical policy issue for government at all levels across Australia.
“In recent times, maintenance and the provision of new infrastructure in the nation’s capital has been neglected. This has caused degradation of existing assets and gaps in critical infrastructure vital to ensuring Canberra can thrive and grow.”
The Property Council will soon release an infrastructure priorities study to assist government to develop an infrastructure strategy and roll-out program for the Territory.
For further information contact:
Catherine Carter, Executive Director, 02 6248 6902 or 0412 330 079