Economic growth continuing according to ABS

Peter Gutwein,Premier

Today’s positive ABS retail trade and building approval data has once again confirmed our economic recovery is now well advanced as Tasmanians continue to support their local businesses and invest for the future.

The ABS figures show retail trade grew 1.5 per cent in May 2021 to hit $654.8 million, which is the second highest growth rate in the country and nearly eight per cent higher than this time last year.

Importantly, this was driven by Tasmanians getting out and about and supporting local businesses, with a 9.1 per cent increase in hospitality spending in May.

Additionally, ABS building approvals data released today is also positive, with building approvals rising by two per cent in May 2021 – the second highest growth of all the states, and 63.4 per cent higher than May last year.

There were 4091 building approvals in the 12 months to May 2021, which is the largest number of building approvals seen in more than 25 years.

It confirms once again the ongoing strength of our building and construction industry and demonstrates the outstanding success of our Construction Blitz and HomeBuilder package that has helped support our economy and jobs through the COVID-19 pandemic.

Our clear plan is clearly working, with more jobs now than before the pandemic and our economy strong. We will continue doing all we can to build on these great results as we secure Tasmania’s future.

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