Peter Gutwein,Treasurer
The Australian Bureau Statistics State Final Demand data for the June 2019 quarter, released today, shows Tasmania's economic growth has once again outperformed the nation and all other states.
Today's results mark the first time in 15 years that Tasmania's economic growth rate has outstripped the national rate and the growth rate of all other states and territories on a financial year basis.
Of importance to note is that this is also the first time in more than a quarter of a century that Tasmania has more than tripled the growth rate of the nation's powerhouse economy of NSW.
State Final Demand grew 3.4 per cent during the 2018-19 financial year, the highest growth rate in Australia in trend terms, significantly higher than the national growth rate.
Further, Tasmanian State Final Demand also grew the fastest in the country on a quarterly basis, growing 0.6 per cent in the June 2019 quarter.
Today's data confirms that Tasmania under the Hodgman majority Liberal Government is the turnaround state!
But these national leading results have not been achieved by accident, they are a direct result of the Government's work over the last five and a half years delivering our long term Plan for Tasmania, which is taking our state from strength to strength.
Further, the data shows our extraordinary State Final Demand growth has been underpinned by the highest growth in private investment in the nation, on both an annual and quarterly basis.
In the 2018-19 financial year, private investment grew by a nation leading 7 per cent, and 2 per cent in the June 2019 quarter, in real trend terms.
Tasmania is home to the most confident businesses in the nation, and this confidence is leading to more investment, more economic growth and is creating more local jobs.
But there is more to do, and Tasmanians know that only the Hodgman majority Liberal Government can be trusted to deliver the policies which keeps job creation the number one priority.
