Business investment in Tasmania has plummeted after 10 years of a Liberal government, at a time when all but one other state has recorded a rise.
New figures released by the ABS show that in the 12 months from September 2022, Tasmanian state chain volume total capital expenditure was down 20.8 per cent.
The only other state or territory to record a drop across the same period was Queensland, which was only down 0.4 per cent.
The best performing states, Western Australia and Victoria, recorded rises of above 20 per cent.
After 10 years of a Liberal government, business confidence is collapsing, unemployment is the highest in the nation and the economy has gone backwards for the last three quarters in a row.
These economic headwinds are putting a handbrake on businesses, who are unable or unwilling to invest in growth which will only prolong or deepen the downturn Tasmania is experiencing.
A Labor Government will ease pressure on businesses and households by capping power prices, will remove red tape for developments, and will make building windfarms easier a priority in our first term of government to help get the economy back on track.
Shane Broad MP
Shadow Treasurer
