Tasmania’s economy continues to perform strongly, with the ABS State Final Demand results confirming exceptional growth in the 2021-22 year.
The ABS figures confirmed State Final Demand increased by $2.2 billion to $40.3 billion in the year to June 2022. This is 5.8 per cent higher than in the 2020-21 year – the second strongest growth of all states and significantly better the 2021-22 Budget forecast of 3 ¾ per cent.
These fantastic results are driven by growth in consumption and investment across both the public and private sectors.
Pleasingly, private sector investment in 2021-22 was 7.5 per cent higher than the previous financial year, and public sector investment was 5.5 per cent higher.
Tasmania’s economy continues to go from strength to strength, with record exports, strong retail trade and construction activity, and the lowest unemployment rate on record at 3.7 per cent.
Our strong financial management and our responsible plan to strengthen Tasmania’s future are clearly paying dividends, and this has been recognised by both Moody’s and S&P Global in their recent credit assessments of Tasmania’s finances and economy.
Let’s remember that these numbers are about our people, families and communities. Our strong economic plan and prudent financial management is leading to better employment security and allows the Government to provide stronger public services and upgraded infrastructure.
While Labor continue to focus on whingeing and cheap stunts, it remains abundantly clear that only the Tasmanian Liberal Government has a strong plan for Tasmania’s future, and our plan is delivering for Tasmanians.
