Just a few years ago, under a Labor-Green Government, Tasmania’s economy was a complete basket case.
However, two new reports show that under the Hodgman Government’s long-term Plan, the economy has completely turned around.
The Deloitte-Access Economics Business Outlook Report and CommSec’s State of the States Report both highlight Tasmania’s strong performance under the Hodgman Government.
Deloitte Access Economics states that:
“Tasmania’s economy has been putting in a solid performance in recent years – not flashy, but solid. In fact the last four years have seen relatively steady growth, avoiding some of the cycles that have promised much but then disappointed in times past. That’s unusual, and it’s welcome.”
The Report highlights jobs, retail and tourism as highlights, stating that:
“The job market has improved.”
“Growth in retail sales has strengthened too, leaving it well above the national average.”
“The number of international visitor arrivals to Tasmania is up strongly, helping the tourism sector.”
Meanwhile, the CommSec State of the States Report ranks Tasmania in fifth position nationally. It highlights job creation, population growth and business investment as strong areas for Tasmania.
The Report says:
“Tasmania is in fifth position. Tasmania ranks second on unemployment and third on population growth and the improvement is leading to stronger retail and home building.”
“Business investment was up the most on a year ago in Tasmania (up 14.5 per cent)”
“Tasmania has lifted from third on unemployment to second. The 5.9 per cent trend jobless rate is 4.1 per cent below the “normal” (decade-average). Tasmania also has a solid annual employment growth at 3.9 per cent, just below the fastest growth in 32 months.”
“Tasmania’s annual population growth rose from 0.44 per cent to a 6-year high of 0.60 per cent in the March quarter and was 8.1 per cent higher than its decade average – ranking third on this metric.”
These are good signs, but there is still more to do. That’s why the Hodgman Government has set a number of ambitious targets to grow the economy, create jobs and invest in key frontline services as part of our Plan to Build Your Future.