The March 2018 quarter National Accounts released by the Australian Bureau of Statistics today demonstrate the fundamental strength of Tasmania’s economy under the Hodgman Liberal Government.
Today’s figures show that Tasmania’s State Final Demand grew by 4.0 per cent over the last year, including an all-time record of $8.2 billion for the March quarter. The year-on-year growth in Tasmania’s State Final Demand was the second strongest in the nation after Victoria. Importantly, the data shows that this growth is predominantly occurring in the private sector, through buoyant household consumption and private investment.
When businesses are confident, they invest more and employ more people – today’s National Accounts show that private investment grew by more than 11 per cent over the last year, the highest growth rate of investment in the nation.
Private investment was underpinned by an increase of 49.6 per cent in private investment in machinery and equipment, and a 20.4 per cent increase in non-dwelling construction, showing that Tasmanian businesses are gearing up and are expecting continued growth.
The ABS data also showed Tasmanian households are confident in the State’s economic direction and the fact that the Hodgman Government is getting on with delivering its Plan. Tasmania recorded the highest annual increase in household consumption at 4.0 per cent over the year.
Since the Hodgman Liberal Government was elected, State Final Demand has grown by 10.5 per cent.
This is in stark contrast to the former Labor/Green Government where State Final Demand went backwards by 1.4 per cent between March 2010 and March 2014.
The strong growth in State Final Demand under the Hodgman Liberal Government is coupled with fact that since we came to office more than 11,000 jobs have been created for Tasmanians.
The Government is getting on with the job on delivering on our Plan which is growing our economy, creating jobs and improving the lives of all Tasmanians.
Today’s ABS figures are yet another demonstration that households and business clearly like what they see and are excited about what the future will bring.