Key national accounts data released by the Australian Bureau of Statistics (ABS) today has again shown the Tasmanian economy has grown over the past financial year, with a further 1.1 per cent growth in Gross State Product (GSP) experienced in 2022-23.
Premier Jeremy Rockliff said today’s data locks in the gains made after the previous two years of remarkable growth in GSP, at 4.3 per cent and 5.0 per cent.
“What this means is we’ve captured this strong growth and managed to grow again,” the Premier said.
“Tasmania was a leader of the economic recovery out of COVID-19 and has managed to grow again despite the strong national headwinds.
“Our Government knows that employment opportunities are crucial to combat these headwinds.
“We now have 53,000 more Tasmanians in jobs than when we took office and will continue to back the aspirational job-creating projects Tasmania needs.
“Our Government has created the nation leading business conditions as backed in by NAB data last week that shows our long-term plan is working.”
Treasurer Michael Ferguson welcomed the ABS figures as a testament to the Rockliff Liberal Government’s strong economic focus.
“The fact is, Tasmania began our post-COVID economic recovery sooner than other states, and our current economic indicators are in line with Treasury projections, which forecast a normalisation from a period of high growth.
“The triple threat of inflation, rising interest rates and a slowdown in the national economy is causing uncertainty and threatening both business and consumer confidence.
“Federal Monetary Policy settings are deliberately constraining growth with 14 recent interest rate rises – so today’s data is not unexpected and was forecast by Treasury in the May budget papers.
“We know the importance of employment during high-inflation periods, and the unemployment rate has been maintained at historically low levels with a current unemployment rate half that of 2014 under the former Labor-Green Government and total employed Tasmanians at 288,400.
“Tasmanians are rightly sick of Dr Broad constantly talking Tasmanian down and has been openly wishing for a negative growth outcome for over a year, talking Tasmania down at every opportunity, cherry picking or misrepresenting statistics in a desperate bid to scare Tasmanians. He’s claimed economic recession, population recession and the facts keep proving him wrong.
“These results are another embarrassing rebuff to Dr Broad’s doom and gloom agenda.
“Dr Broad would be better served to stick to the facts, because the only recession in the last 20 years was under the disastrous job-destroying, economy-wrecking Labor-Green Government in 2012-13.
“Tasmania’s economy has grown by $7.9 billion since then – nearly 26 per cent larger. The results are in, and our Government is backing Tasmanian jobs and businesses to the hilt.
“Over the past nine years, our Government has demonstrated that our long-term plan delivers a strong economy and we will continue delivering what matters to Tasmanians.”
