Tasmania’s economy strongest in a decade

Tasmania’s economy is booming, and figures released from the ABS today confirm that our State is now a better place to live than ever before.

Today’s results confirm that Tasmania’s economy has seen its strongest growth in a decade, and is now the third strongest state in the nation.

Gross State Product, in the 2017-18 financial year, grew a strong 3.3 per cent to $30.3 billion.

Significantly, Tasmania grew 0.5 per cent faster than national growth at 2.8 per cent.

A priority for the Hodgman Liberal Government is to ensure that even more Tasmanians and their communities benefit from the record jobs and economic growth generated from strong economic management.

Our plan for Tasmania is delivering record investment into health, education, and infrastructure, and has pushed business confidence up to the highest levels in the country.

The growth in Tasmania’s economy was driven by a number of factors, including; household consumption growth of 2.9 per cent, which shows that Tasmanians are more confident and spending more. This is great news for our retailers as we head into the busy Christmas period.

Machinery and equipment investment by businesses also grew by 49.2 per cent, demonstrating that businesses are gearing up and expecting more growth. This goes hand in hand with total business investment growth of 17.4 per cent.

And once again confirming that the world wants what Tasmania is producing, growth in exports of Tasmanian products over the year was 19.3 per cent.

Since being slammed into recession in 2012-13 under Labor and the Greens, the Tasmanian economy has grown nearly 9 per cent, demonstrating that the Government’s long term plan for the State is working.

This latest data confirms what many Tasmanians know to be the case, that our economy is strong; businesses are confident, investing more and hiring more; and that the policies of the Hodgman Liberal Government are delivering results.

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