Seat of government, home to major research organisations and a growing private sector, Australia’s capital Canberra has dusted off the ashes from this year’s bushfires and is back to business as usual. IT, tourism, research and government are major strengths – and it’s not bad at Rugby either. Area: 2360 sq km Population: 323,600 (1.6%) Capital: Canberra (pop. 310,000) State Final Demand: A$20.49bn* SFD growth: 6.2% Gross State Product: A$13.93bn‡ Credit rating (S&P): AAA Average weekly earnings: A$793.00 (11/02) Unemployment rate: 4.4% (03/03) Inflation: 3.2%* *=2002, ‡=2001/2. Source: ABS.

The ACT

Australian Capital Territory

Conveniently positioned in the heart of Australia’s populous south-eastern corner, the ACT is located within south-east New South Wales, some 250km south-west of Sydney and 480km north-east of Melbourne, the two major population centres of Australia.

As the seat of the Commonwealth government, Canberra has many advantages as a base for companies interested in servicing government requirements in fields such as defence, business services and IT, where major purchasing opportunities regularly benefit local firms.

But the ACT maintains a healthy balance between the business of government and the wider business community – more than 60% of the ACT workforce is now employed in the private sector. A vibrant economy offers an adaptable and resilient environment for investors.

Fiery hiatus
Devastating bushfires swept through Canberra’s suburbs in January 2003, causing a total of around A$250m in damages to private and public buildings and infrastructure. In all, 530 homes were damaged or destroyed, and A$90m worth of government assets were lost. The fire’s silver lining has proven a subsequent mini-boom in home construction and rebuilding, with analysts noting that the search for temporary accommodation and new homes has further stimulated the Canberra housing market.

Knowledge economy
Through a number of initiatives, the ACT government is strengthening its recognition as a leading knowledge-based economy. Industries that have emerged in the ACT to support this concept include advanced technology manufacturing, photonics, biotechnology, information e-government and research and development. These industries complement the established industries of education, defence, public administration and environmental management.

To provide further growth and sustainability the ACT is set to be a major party to Australia’s National Information and Communication Technology Centre of Excellence, which will receive about A$125m in federal funding over the first five years of operation. The centre will establish excellence in research, education, industry interaction and commercialisation.

Research and development
Canberra’s knowledge base is backed by a world-class research sector at the forefront of advanced technology re-search and development. This includes the headquarters of the Commonwealth Scientific and Industrial Research Organisation (CSIRO), the faculties and research schools of the Australian National University (ANU), and the John Curtin School of Medical Research. This cluster of world-leading research and development provides the ACT with the competitive advantage required to be a global player in many ‘new economy’ areas.

The ACT government has established a series of initiatives this year to support research development and commercialisation. A ‘Knowledge Fund’ and a Commercialisation Council, in partnership with the Canberra Business Council, will direct assistance to the gap between concept and commercial reality for products of Canberra research.

World-class communications
Canberra’s infrastructure offers access to world-class national and international communications networks, including Australia’s most advanced fibre-optic cable network. TransACT Communications is undertaking a major project involving the rollout of a broadband cable network in the ACT that will cover an estimated 100,000 homes and 14,000 businesses within two years, making Canberra one of the most online-capable cities in the world, further boosting what is already one of Australia’s most web-wise populations.

Tourism
Tourism has become the ACT’s first billion-dollar industry, employing more than 14,000 people, with visitor numbers approaching 4m each year, attracted by national institutions such as the new state-of-the-art National Museum, the stunning exhibits of the Australian War Memorial, and the National Art Gallery.

The city’s government buildings and the planned nature of Canberra are also attractions in their own right, while ski fields and beaches are just 90 minutes away. The Canberra wine industry is in a period of rapid development and has already identified wine tourism as a growth area.

Environmental expertise
The city of Canberra showcases world-class environmental management and sustainable development, which have created experience and expertise in sustainable town planning and architecture, including landscape, the physical sciences, earth biology and rural sciences, as well as renewable energy, wastewater treatment and resource recovery. The ANU Centre for Sustainable Energy Systems (CSES) has built a world-first prototype solar thermochemical energy storage system based on the dissociation of ammonia. The project aims to further develop an ammonia-based solar power system for scale-up in the ACT and commercialisation via a new start-up company.

The ACT leads best practice in environmental legislation, is the first state or territory to set its own greenhouse target, and is also the first city in the world to set the bold target of ‘no waste’ by 2010.

For more information contact:
ACT government
Telephone: +61 2 6205 3065
Email: actbg@act.gov.au
Websites: www.act.gov.au
www.business.act.gov.au
www.visitcanberra.com.au