Tasmania's economy continues to buck national trends with consumer confidence in our great State remaining high.
New ABS data out today shows the number of new dwelling approvals rose by 1.5 per cent for the month of July and is up 8.3 per cent in the year from August 2021.
The same couldn't be said across Australia, the number of dwelling approvals decreasing in some states and territories – indicating our plan to increase housing supply and make it easier to build your own home is working.
Total value of building work in Tasmania for the month also exceeded $180 million, which is welcome news for our tradies whose books remain full.
And in further positive news for the economy, the ABS has found Tasmania had the strongest new loan commitments in the country, which is another demonstration of confidence in the economy under the Tasmanian Liberal Government.
In August 2022, in seasonally adjusted terms for investor housing, the value of new loan commitments rose 4.1 per cent.
This demonstrates that Tasmanian borrowers have the confidence in our economy to secure a home loan, despite interest rates continuing to head north.
