New data out today shows Tasmanians are tightening their belts and focussing on essentials like food as the impact of the cost-of-living crisis deepens.
Figures from the Australian Bureau of Statistics show Tasmania was the only state to record a decline in retail spending in July - down 0.3 per cent compared to a rise of 1.3 per cent nationally.
Spending at supermarkets rose by 1.6 per cent for the month, and 5.8 per cent for the year, while other types of food retailing also increased significantly.
But spending on 'non-essential' items fell considerably - with newspapers and books, recreational goods, furniture and other homewares, electrical goods, pharmaceutical goods, cosmetics and clothing all recording a decline.
The impact of the cost-of-living crisis is spreading to businesses, with Tasmania forecast to experience the worst economic growth of all states this year, along with a dramatic decrease in private business investment.
The Liberal government could deliver power price and water bill relief right now to ease some of the pressures on businesses and households, along with much-needed higher wages for public sector workers.
But after almost a decade in power, they appear to be incapable of delivering the basic measures Tasmania needs to build a strong economy and future.
It is time they got their priorities right and delivered the economic future they have promised Tasmanians.
Shane Broad MP
Shadow Treasurer
