Private investment in Tasmania continues to boom with the latest ABS statistics confirming the State is leading the nation in terms of growth in private investment.
The September quarter figures released today confirms Private New Capital Expenditure (PNCE), which includes investment into equipment and machinery, and buildings and structures, grew 32.4 per cent in real trend terms compared to September last year. This was the highest annual growth rate in Australia and significantly out-performed the national average of just 0.1 per cent.
Investment grew 4.3 per cent in the September quarter which was also the fastest growth rate in the nation. Over this period more than $360 million in private investment was made in Tasmania.
The Hodgman Majority Liberal Government has restored business confidence in Tasmania to be the highest in the nation, and these figures demonstrate that businesses are taking advantage of a booming economy, and investing for future growth.
Over the year to September quarter, investment into buildings and structures grew 30.6 per cent, which once again, was the highest rate of growth in the nation, while the nation as a whole declined 5.3 per cent over the same period.
It is great to see private investment booming, as this will lead to more jobs being created in Tasmania.