28 February 2019
Tasmania has seen a surge in private investment, with the latest ABS data confirming the state is leading the nation in Private New Capital Expenditure growth.
Total Private New Capital Expenditure has grown 18.5 per cent over the year to the December 2018 quarter in trend terms, hitting $1.43 billion in 2018. Impressively, this is more than fifteen times higher than the national growth rate, and demonstrates Tasmanian businesses’ confidence in the state’s strong economy.
This is more great news for the state as the Hodgman Liberal Government has worked hard at building confidence to some of the highest levels in the nation, and this leads to investment, economic growth, and jobs.
Importantly, the annual growth in buildings and structures investment was also the highest in the nation in the December 2018 quarter, at 53.3 per cent higher than the same time in 2017. This is a result of the market responding to the increased demand seen in our housing and tourism sectors, amongst others.
This result shows that Tasmania is once again bucking the trend compared to the rest of the nation, which saw a decline in building and structure investment over the year.
And there is more good news to come, with the ABS reporting expected investment for the year ahead to be almost $1 billion.
We know that there is still more to do and that’s why we are working with the business community to grow the economy and create jobs.