For the ninth consecutive quarter, Tasmania’s economy leads the nation, according to the latest CommSec’s State of the States Report for April 2022.
The Report says Tasmania 'holds the mantle of the best-performing economy', ranking highly across a number of key economic indicators.
Premier Jeremy Rockliff said the Report once again confirms the strength and confidence in our economy as we continue to transition to living with COVID-19.
“This is a fantastic result and is thanks to the strong actions we have taken to rebuild our economy upon coming to Government in 2014, and again following the COVID-19 pandemic,” the Premier said.
“We have reopened as one of the safest places in the world, thanks to the outstanding efforts of Tasmanians to roll up their sleeves and get vaccinated and, despite some difficult times, businesses are looking to the future with optimism.
“Pleasingly, Tasmania took out the top ranking based on strong performances across a number of indicators, including relative equipment investment, construction work, retail spending, relative economic growth, dwelling starts, and unemployment.
“Tasmania is ranked first on equipment investment, with investment 62.5 per cent higher above 'normal' - as our businesses invest to grow.
“Tasmania is also ranked second in the country on construction work, retail spending and relative economic growth, while ranking third on relative unemployment and dwelling starts.
“Retail spending is 16.9 per cent higher than the decade-average, and construction work is 22.7 per cent higher, demonstrating the confidence of Tasmanians and businesses to spend and invest.
“Having a strong economy allows us to invest more into the things Tasmanians care about most like health, education, housing and community infrastructure, and we will continue to harness Tasmania’s competitive strengths to build on these gains and create an even more resilient and diverse economy for the future.”
Deputy Premier and Treasurer Michael Ferguson said the Report was another demonstration that businesses are feeling confident, resulting in more jobs and investment in Tasmania.
“The CommSec Report found that unemployment in Tasmania is 29.6 per cent below the decade average, which is an outstanding result considering the difficulties of the past two years,” Treasurer Ferguson said.
“Tasmania also had the fastest wage growth in the country at 3.0 per cent over the year, which is very positive for workers.
“And, the good news doesn’t stop there, with Deloitte Access Economic's Business Outlook for the March 2022 quarter observing that Tasmania outsprinted the rest of Australia – and most of the world – through COVID, and it has navigated the early months of opening up well.
“The Report also notes our "booming" exports, and "strong" housing construction pipeline, as we roll out our strong infrastructure and housing initiatives that will create certainty for business and set Tasmania up for years to come."
“We know that our economy is nation-leading and the number of Tasmanians in work is at the second-highest level on record. Both reports once again confirm our plan to secure Tasmania’s future is working.
"A strong economy means more Tasmanian families can work, earn and plan for their future. It allows Government to fund services. That's why our Plan, working closely with the Federal Liberal Government, is so vitally important for every Tasmanian."