Tasmania’s economy is booming, and it is now a better place to live than ever before.
The latest ANZ Stateometer report has confirmed Tasmania’s economy is the strongest performing state, and is growing at an above-trend rate.
This reflects ABS figures released last week which showed that Tasmania’s economy is growing at its fastest rate since the Global Financial Crisis.
The Government’s number one priority is jobs. With the unemployment rate already at 5.6 per cent, it is great news for Tasmanian workers that the ANZ is projecting the unemployment rate to fall even further to 5.2 per cent next year. This shows that the Government’s policies are working.
Tasmania’s housing market continues to drive growth in the economy, with Tasmania being the strongest state for building approvals, and building commencements and completions outperforming the rest of the Australia.
Tasmania’s building and construction industry won’t be short on work, with near-record levels of $300 million in residential forward work and the Government’s record $2.6 billion infrastructure plan. This is stimulating the economy and building greater confidence throughout the State.
Tasmania is also outperforming much of the nation in retail sales growth, with the ANZ reporting annual growth of 6.2 per cent and consumer confidence above all other states. This is excellent news for our retailers as we head into the busy Christmas season.
The ANZ Stateometer is the latest report, in a long list of reports, which confirms what many Tasmanians know to be the case: our economy is strong, businesses are confident, investing more and hiring more. The Hodgman Liberal Government’s Plan for Tasmania is working and is delivering results. Despite this, we know that more needs to be done and the Government will continue to support investment and jobs right around Tasmania.
