New ABS data on private investment released today confirms that investment growth in Tasmania leads the nation.
Private New Capital Expenditure – a key measure of our economy – grew 25.8 per cent in the September 2021 quarter to $531 million in real seasonally adjusted terms. This growth was the fastest in the nation, in contrast to the fall seen nationally, and demonstrates the confidence of Tasmanian’s to plan and invest for the future.
Private New Capital Expenditure is now 66.5 per cent higher compared to the same time last year, which again was the fastest growth in the nation, and more than five times higher than national growth over the same period.
Importantly, this extraordinary growth was underpinned by nation-leading investment in Equipment, Plant and Machinery in the quarter, which was nearly double the same time last year.
Also today, the ANZ Stateometer for the September 2021 quarter confirms that Tasmania’s economy continues to perform ‘above trend,’ describing Tasmania as a “pocket of strength.”
ANZ highlighted Tasmania’s wage growth of 2.7 per cent over the year was “outpacing the rest of the nation” and that the state’s wages growth has constantly tracked above the national average since 2015.
These results follow a long list of recent data and reports that confirmed Tasmania’s economy is roaring back to life and demonstrating that our plan to secure Tasmania’s future is clearly working.
This includes news that Tasmania recorded the second-fastest economic growth in the nation last financial year, and that both Moody’s and S&P have recently maintained the State’s strong credit rating, which is yet another positive endorsement of the Government’s economic and fiscal management.
We will continue to implement our clear plan to keep the momentum going and create more jobs as we secure Tasmania’s future.