The Australian Bureau of Statistics State Final Demand data for Tasmania, released today, shows strong growth of 0.9% in trend terms for the June 2018 quarter - the second fastest growth seen in the nation.
State Final Demand is a major economic indicator of the health of the Tasmanian economy, being a measure of spending by households, businesses and government. In dollar terms, Tasmania’s State Final Demand in total for the 2017-18 year was $32.5 billion.
This great result was underpinned by the second fastest growth in private investment in Australia, at 2.9% for the quarter. Today, private investment is 12.5% higher than a year ago – the fastest annual growth rate in the nation.
Today’s results are in sharp contrast to the last four years of the Labor-Green Government where State Final Demand went into reverse, contracting 1.4% over the period. Today, State Final Demand is 11.2% higher than the level recorded in March 2014 in real terms.
These latest ABS figures add to the growing list of strong key economic performance indicators including;
- Booming jobs numbers, with 249,700 Tasmanians employed – 14,700 more than in March 2014,
- Tasmania’s booming export sector, with annual growth that continues to lead the nation,
- 45 consecutive months of retail trade growth, with growth in July topping the nation.
- Strong business conditions and confidence, and small and medium businesses ranking the Government’s policies as the most popular in the nation.
The Hodgman Liberal Government is delivering on our long term Plan to make your life even better.
Tasmania is now a better place to live than ever before and these latest figures again show our Plan is working.
