With the GST pool coming in 5.6 per cent or $2.85 billion less than expected, ACT Treasury officials last night digested the news that the territory's finances would take a direct hit - on top of major budget bad news for public servants and cultural institutions.

ACT business leaders were also predicting local consumer confidence would plummet in the comings weeks and months.

ACT Chief Minister Katy Gallagher said she was expecting the ACT to lose 1400 jobs and it appeared the national capital was being forced to ''carry more than our fair share of the savings in this budget''.

The ACT government had postponed the local budget until next month in order to factor in Commonwealth finances.

In February, the Commonwealth Grants Commission issued its advice on how the GST would be distributed among the states and territories, recommending the ACT's share be increased from 1.8 per cent to 1.9 per cent and delivering $972.6 million to local coffers.

But last night's budget, while meeting the 1.9 per cent target, delivered just $938.1 million.

Ms Gallagher said the shrinking GST pool would wipe out $177 million for the ACT over the coming four years.

ACT and Region Chamber of Commerce and Industry chief executive Chris Peters said public service cuts would hurt Canberra's economy and impact on the housing market.

Dr Peters said while some public servants would relocate to the private sector, some would also choose to leave the ACT and this would have an effect on house prices.

Canberra Business Council chief executive Chris Faulks noted the public sector cuts would also lead to cutbacks in procurement which would impact on the private sector.

Ms Gallagher said the ACT was estimating a $155 million deficit next month when the territory budget was handed down.

She would talk to local business and industry leaders in the coming weeks to discuss options for protecting the local economy in the face of ''regrettable cutbacks''.

''We are going to have a couple of difficult years. And in the coming year the focus will need to be on supporting those who have lost their jobs,'' Ms Gallagher said.

Member for Fraser Andrew Leigh said he would be meeting with ACT Treasurer Andrew Barr next week to discuss the impact of job losses.

Dr Leigh also conceded it would be a hard sell in Canberra.

''I'll be working with the ACT government to try and make sure anyone who leaves the federal public service and who wants to work is able to,'' he said.

ACT Opposition Leader Zed Seselja accused federal Labor of ''taxing and sacking Canberrans to pay for green votes in the Senate and green votes on the ACT crossbench''.

ACT Liberal Senator Gary Humphries said the job cuts would have a more damaging impact on the ACT than the Coalition's plans to shed 12,000 public service positions by natural attrition.

Senator Humphries said Labor's cuts would be targeted at Canberra.

''It's the place where they can presumably think they can get away with a smaller workforce,'' he said.