Tasmania’s economy continues to lead nation according to CommSec 26 October

Peter Gutwein,Treasurer

Tasmania’s economy continues to lead the nation according to the latest CommSec State of the States Report for October 2021.

The Report confirms Tasmania remains in top spot as the best performing economy in the country, having now held the mantle for the last seven consecutive quarters.

This is an outstanding result and confirms our plan to secure Tasmania’s future is working, with Tasmania on top in four of the Report’s economic indicators, including construction, retail spending, relative unemployment and dwelling starts. Further, Tasmania was ranked second on three of the remaining four indicators, economic growth, equipment investment and relative population growth.

The Report noted retail spending is up 18.1 per cent above decade-average levels in the June quarter, and construction work done is 24 per cent above the decade average, and up an amazing 18.6 per cent from a year earlier.

Tasmania also has the strongest job market, with unemployment at 4.8 per cent, 26.2 per cent below the decade average.

In the important dwelling starts indicator, Tasmania led the way for the nation, with dwelling commencements 88.5 per cent above the decade average.

Pleasingly the Report stated that “Tasmania has … consolidated its top position well ahead of other economies” and that “There are few signs of Tasmania giving up the position as the top performing economy in the next six months.”

These fantastic results don’t happen by accident, they are the result of our strong plan to secure Tasmania’s future and reflect the confidence Tasmanians have to invest and spend in our State.

It joins the recent NAB Monthly Business Survey and the Deloitte Access Economics Outlook Report for September 2021 that forecast our economy to grow the equal-fastest in the nation this year, and also confirmed that Tasmanian businesses are the most confident in the country to spend, invest and hire.

While we are in a good place, we know that there is more to do and with our borders set to reopen, we will continue to deliver our plan to grow our economy, and create more jobs as we secure Tasmania’s future.

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