Canberra economy projected to reach $60 billion by 2027

The Australian Capital Territory (ACT) economy is forecast to reach $60 billion by 2027, according to Chief Minister Andrew Barr. This growth coincides with expectations that the city's population will surpass 500,000 residents during the same period.

Speaking at the Canberra Business Chamber’s State of the Territory Business Address, Barr noted that since 2016, the territory has added 100,000 residents and 42,000 jobs, growing its economy from $40 billion to nearly $58 billion. He identified the next phase of growth as being dependent on improving productivity, attracting and retaining skilled workers, and supporting business investment.

The ACT Government has outlined several priorities to sustain this momentum, including the goal of enabling 30,000 new homes by 2030 through planning reforms. To address potential declines in international migration, Barr emphasized the need for a partnership between the government, tertiary institutions, and the private sector to persuade skilled students and young professionals to build careers and launch businesses within the capital.