In a further sign of strength in our growing economy, Tasmania has recorded the nation's largest increase in retail trade for the month of August, according to the Australian Bureau of Statistics.
The nominal value of retail trade in Tasmania was estimated to be $700.8 million in seasonally adjusted terms in August 2022, up 2.2 per cent compared with the previous month, and up 7.2 per cent from the level recorded one year earlier.
The monthly increase was the highest of any State or territory and well above the national average increase of 0.6 per cent.
Retail turnover in Tasmania has grown significantly over the past five years which is great for our growing economy.
In August 2022, increases in the nominal value of spending from the previous month were recorded for all classifications of goods and services in Tasmania. These were for household goods (up 4.5 per cent), cafés, restaurants and takeaways (up 4.0 per cent), food retailing (up 1.6 per cent), and other retailing (up 0.4 per cent).
Today's retail data comes hot on the heels of other strong economic performance data in Tasmania, including recording 8.3 per cent growth on new dwelling approvals in the year from August 2021, indicating our plan to increase housing supply and make it easier to build your own home is working.
This coincided with yesterday's announcement that Tasmania had the strongest new loan commitments in the country which demonstrates Tasmanian borrowers have the confidence in our economy to secure a home loan, despite rising interest rates.
