Peter Gutwein,Premier
We took a clear plan to the election to secure Tasmania's future and our plan is working, with jobs being created and our economy strong.
According to State Accounts data released on Friday, Tasmania's economy grew 3.8 per cent in 2020-21 - the second fastest rate in the country, and more than double the national economy which grew just 1.5 per cent.
This represents the fastest growth since 2007-08 and nearly double that estimated in the Budget.
Tasmania's Gross State Product grew to $34.8 billion, despite the impacts of COVID-19 - underpinned by growth in private investment, government investment and consumption growth.
Private investment grew 6.9 per cent, demonstrating the confidence of Tasmanian businesses and Tasmanians to plan and invest for the future, while Government investment grew 4.3 per cent as we acted to stimulate and drive our economic recovery.
Importantly, we are seeing this confidence in our towns and suburbs, with new houses being built, and our businesses investing to grow, creating more jobs.
As a result, the jobs market is at near-record levels, and our unemployment rate is 5.1 per cent, the second-equal lowest rate in the country.
Job vacancies in October are 69.5 per cent higher than before the pandemic, the second highest growth rate in the country, and Tasmanian wages grew 1 per cent in the September 2021 quarter according to data released last week, the equal-fastest in the country.
The very good economic news follows the announcement on Thursday night by credit rating agency Standard and Poor's (S&P) that Tasmania has maintained its AA+ credit rating with a stable outlook.
S&P noted Tasmania's economy is outperforming the national average and is recovering from COVID-19 because of the Government's strong financial management and its swift response to the pandemic.
This is a strong endorsement of the Tasmanian Government's fiscal strategy and its ongoing responsible budget management, and we we will continue to deliver our plan to grow our economy and create more jobs as we secure Tasmania's future.
