Tasmania's economy outgrowing the nation
- 05 Dec, 2018
Peter Gutwein, Treasurer
Tasmania's economic growth continues to outpace the nation with State Final Demand data released today confirming our state remains well ahead of national growth and in fact is experiencing the second fastest growth in Australia.
The Australian Bureau of Statistics data shows Tasmania experienced strong growth of 4.3% in trend terms in the September 2018 quarter compared to one year earlier.
State Final Demand is a key economic indicator of the State's economic performance, measuring household consumption, business investment and government expenditure. In dollar terms, Tasmania's State Final Demand was $8.47 billion in the September 2018 quarter.
This follows Tasmania recording its fastest economic growth in a decade in the 2017-18 financial year, and on a per capita basis, the Tasmanian economy was the fastest growing in Australia, at nearly double the national rate of growth.
Importantly, the State Final Demand figures were underpinned by the highest annual growth in private gross fixed capital formation, in Australia, which includes business and dwelling investment, of 9.5 per cent.
Today's results are in sharp contrast to the last four years of the Labor-Green Government where Tasmania went into recession, with State Final Demand contracting 1.4 per cent over the period. Today, State Final Demand is 13 per cent higher than the level recorded in March 2014 in real terms.
These figures are the latest in a long list of economic performance reports and independent commentary that is confirming the strength of the Tasmanian economy.
Tasmania is now a much better place to live, and the Hodgman Liberal Government will continue to deliver on our long term plan to improve the lives of all Tasmanians.