Retail Trade a show of steady confidence

Michael Ferguson,Minister for Finance

Tasmanians are to be congratulated for continuing to back local business, with the latest ABS data showing retail trade grew by 4.0 per cent in June – the second highest growth rate in the country.

In June 2020, retailers recorded $630 million in trade – 13.8 per cent higher than a year earlier, and higher than national growth of just 2.7 per cent in seasonally adjusted terms.

While these are challenging times, the latest figures demonstrate Tasmanians’ commitment to supporting local business, with cafes, restaurants and takeaways seeing 51 per cent growth in monthly trade.

We know Tasmania entered the pandemic from a position of strength, with the latest CommSec Report ranking our state first on retail trade, with spending 14.8 per cent above decade-average levels in the March quarter, with our strong relative population growth and home building key supports for retail spending.

We will continue to follow Public Health advice, and maintain the management strategies that keep Tasmanians safe and aim to prevent a second wave and restrictions.

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