Economic rebound continues with local businesses investing

Peter Gutwein,Premier and Treasurer

Today’s ABS data has confirmed Tasmania’s economy has rebounded strongly from the COVID-19 pandemic with Tasmania’s employment returning to pre-pandemic levels with 261,200 Tasmanians now employed.

Employment grew by 1.5 per cent in February 2021, with 3,800 Tasmanians finding work – the highest percentage monthly growth in the country, and more than double national employment growth.

Pleasingly, our unemployment rate fell to 5.7 per cent, which is the second lowest of all the States and lower than the national rate. Further, our youth unemployment rate is one of the lowest in the country.

Our plan is clearly working to create jobs right around the State, with businesses having the confidence to invest and hire.

Today I visited local company Workforce Health Assessors (WHA) in Hobart, whose workforce has expanded from 30 people pre-COVID, to 50, with 10 more to come.

The doubling of their workforce is a fantastic result for WHA and a great vote of confidence in the Tasmanian economy, and confirms that businesses are confident, they are investing, and they are hiring.

Business investment is up 8.2 per cent in the December quarter, and in February, job vacancies grew a nation-leading 13.3 per cent, nearly double national growth, to be 52.4 per cent higher than in February last year before the pandemic.

It’s testament to the hard work of Tasmanians and our strong actions to support Tasmanians through the pandemic and help our economy recover, but we know there is more to do.

That’s why we have accepted all 52 recommendations from the Premier’s Economic Social Recovery Advisory Council, and we have a clear plan to create jobs, grow our economy and secure a brighter future for all Tasmanians.

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