Times are good for Tasmania - economic reports confirm

28 January 2019

Tasmania is now a much better place to live and work than ever before and today’s reports from Deloitte Access Economics and CommSec show that once again Tasmania’s economy is the envy of the nation.

The Deloitte Access Economics Business Outlook for the December quarter 2018 noted that “Tasmania’s economy saw faster growth than the national average… with a range of drivers pointing to good news for some time now.” The report stated that, on a per capita basis, Tasmania’s economic growth rate was the highest in the nation with the fastest growth that the State has achieved in a decade.

The report pointed to strong retail spending, elevated business confidence, a growing infrastructure pipeline, strong international trade performance and a healthy jobs market as very positive indicators for Tasmania, noting that “times are good for the State”.

This comes as the CommSec State of the States report for January 2019 also confirmed Tasmania is leading the nation with the fastest annual pace of economic growth, up 6.9 per cent in the year to September 2018, outperforming all other states and territories, and recording its fastest growth in a decade.

Tasmania also topped the nation in equipment investment, according to CommSec, as businesses gear up and invest for continued growth.

Amongst the overwhelmingly positive economic news, both reports highlight the State’s relatively strong population growth, with the CommSec report ranking Tasmania first on population growth, at 90 per cent higher than the decade average.

Also importantly, both reports identify the strength of Tasmania’s construction sector, as Tasmania builds more homes which will see housing construction continue to expand.

The Hodgman Liberal Government has a long-term plan to make Tasmania an even more attractive place to live, work and invest, and through our diligent work, we are now seeing the results.

Tasmania has come a long way since we came to office, but we know there is more work to be done.

The Hodgman Liberal Government is committed to delivering on our plan for a strong economy which allows for even more investment in infrastructure and services our growing state needs.

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