Prime Minister of Tasmania – Tasmania’s economy continues to dominate the country according to CommSec

October 26, 2021

Peter Gutwein, Treasurer

Tasmania’s economy continues to dominate the country according to the latest CommSec State of the States report from October 2021.

The report confirms that Tasmania remains the top performing economy in the country, having now held the position for the last seven quarters in a row.

This is an exceptional result that confirms that our plan to secure Tasmania’s future is working, with Tasmania leading in four of the report’s economic indicators including construction, retail spending, unemployment relative and housing starts. In addition, Tasmania was ranked second on three of the remaining four indicators, economic growth, investment in equipment and relative population growth.

The report says retail spending is up 18.1% from decade average levels in the June quarter, and construction work done is 24% above the decade average , and up 18.6% from the previous year.

Tasmania also has the strongest job market, with an unemployment rate of 4.8%, 26.2% below the decade average.

In the important indicator of housing starts, Tasmania led the way for the nation, with housing starts 88.5% above the decade average.

Fortunately, the report stated that “Tasmania has … consolidated its leadership position well ahead of other economies” and that “there are few signs that Tasmania will abandon its position as the best performing economy in the next six months” .

These fantastic results are no 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 Deloitte Access Economics Outlook report for September 2021 which projects our economy will experience the fastest growing in the country this year, and also confirms that Tasmanian businesses are the most confident in the world. countries to spend, invest and hire.

Although we are well placed, we know there is more to do and with the reopening of our borders, we will continue to implement our plan to grow our economy and create more jobs while securing the future of Tasmania.

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