Peter Gutwein,Premier
Treasurer
Tasmania’s economy has continued to perform over 2021 as we implement our plan to secure Tasmania’s future.
Over the year to the December 2021 quarter, State Final Demand grew a massive 5.8 per cent – the second highest growth rate in the country, and higher than national demand growth of 4.6 per cent, in real, seasonally adjusted terms.
While State Final Demand softened in the last quarter of 2021, this followed Tasmania recording the fastest economic growth in the country in the September quarter.
In contrast, mainland states are playing catch-up following large contractions earlier last year.
In the 2021 calendar year, State Final Demand hit a record high of $39.7 billion.
Household consumption grew 0.5 per cent in the December quarter, to be 4.5 per cent higher than the same period the year before, demonstrating the confidence of the Tasmanian community.
Importantly, this has been driven by a 3.9 per cent quarterly increase in spending in hotels, cafes and restaurants – 16.9 per cent higher than one year earlier.
The data also demonstrates the Government’s commitment to continue to invest, with public investment growing 2.7% in the quarter, which was the highest growth in the country and private investment is 7.7% higher in the December quarter than the same period the year before.
While Labor and their Shadow Treasurer Dr Doom might talk the State down, the Government is focussed on growing our economy, creating jobs, and taking the opportunities before us to secure our future.
