EMBARGOED – NOT FOR PUBLICATION/BROADCAST BEFORE 12.00AM MONDAY JULY 21
The Liberal Government is getting on with our plan to create jobs and grow the economy.
Two reports released today have demonstrated the immediate effect the election of a pro-jobs Liberal Government is making to the Tasmanian economy.
The July CommSec State of the States Report and Deloitte Access Economics June Quarter Business Outlook, both released today, show Tasmania is already closing the gap on other states and that the economy is forecast to continue to grow over the coming year.
Under the disastrous Labor-Green Government Tasmania lagged way behind the other states in terms of economic performance.
Deloitte Access Economics' Business Outlook shows the gap between Australian and Tasmanian economic performance is narrowing as segments of the Tasmanian economy outstrip national performance.
Today's CommSec State of the States Report shows that there are encouraging signs in Tasmania, including the highest retail trade growth in the nation and trend improvement in the jobless rate.
The Business Outlook forecasts Real gross state product is expected to increase by 2.5 per cent in 2014–15 and by 1.9 per cent in 2015–16, and private commercial construction will increase by 17.8 per cent in 2014–15.
As both reports note, this encouraging growth over the past quarter is helping to narrow the gap to the rest of Australia after Labor and the Greens left us with the worst performing economy in the country.
There is plenty more work still to do to improve our economy, which languished well below the other states and territories under the previous Labor-Green government.
The Liberal Government is backing our competitive strengths, working hard to fix the budget mess and help business to create jobs in Tasmania.
Deloitte Access Economics Business Outlook
"Whereas Australia has been outperforming over the past decade but is now amid a transition phase, Tasmania has underperformed the nation over the last decade. Yet that gap is currently narrowing" p. 110
"At the national level retail sales are solid. In Tasmania the gains in retail are shooting the lights out – albeit after a shockingly poor performance over a run of years." p. 111
"Tasmania is marching to the beat of a different drum, scoring growth in areas such as business investment spending and population gains where the national trends are in the other direction." p.ii
"Although the gains peaked in late 2013, trend retail turnover growth is up 6% in the past year. And no surprise that NSW is near the front of the pack (with Tassie currently in pole position – yes, you read that right)." p.14
"At the State level, NSW's return to glory is not limited to State of Origin, as the Premier State dukes it out with Tasmania for top position in terms of retail performance over the past year." p.36
"At the national level, construction (outside of homebuilding) is now shrinking. In Tasmania it is growing."
"At the national level retail sales are solid. In Tasmania the gains in retail are shooting the lights out – albeit after a shockingly poor performance over a run of years."
"There has been a modest improvement in job gains nationally, but a sharp one locally, leaving job growth in Tasmania above the national average (a relatively rare event), and the State's unemployment rate falling at a time that the national unemployment rate is stagnant.
"Perhaps most notably of all, whereas Australia's population growth is easing back, Tasmania's just hit a two year high." p.110-111
CommSec State of the States Report
"There are some encouraging signs in Tasmania including economy-leading retail trade growth and trend improvement in the jobless rate." p. 7