ABS figures released today show that the private sector is driving economic growth in Tasmania.
State Final Demand, which is a key economic indicator, shows that private investment and business investment both increased in the September quarter, contributing to a 0.3 per cent increase, which is similar to the growth rates experienced in larger states like Victoria and Queensland.
For the 12 months to September, the Tasmanian economy has grown by 1.4 per cent, which puts us ahead of a number of other jurisdictions and just short of the national average.
This is the tenth successive quarter of economic growth under the Hodgman Government. The last time the economy shrank was under Labor and the Greens, when the economy spiralled into recession, went backwards for seven consecutive quarters and contracted by nearly five per cent.
The Government’s plan to drive economic growth is to get the budget back in the black, invest heavily in job creating infrastructure as well as vital frontline services and support business confidence. We are delivering on our plan and we are seeing the results. Importantly, we know that for a strong economy, we need a strong private sector.
Retail, building and construction and tourism and hospitality are all going from strength to strength, our exports are picking up on the back of our aggressive push into key Asian markets and since the election 2,500 new jobs have been created – that’s over two new jobs for each and every day we’ve been in office.
But we know there is more to do. That’s why we are implementing a Northern Economic Stimulus package, and that’s why we will continue to work with the private sector.