Tasmania's economy continues to recover from the impacts of COVID-19, according to positive ABS economy-wide data released today.
The figures show State Final Demand grew 3.3 per cent in the December quarter in real seasonally adjusted terms - the second strongest growth of any state.
Growth was underpinned by state-leading private investment growth of 8.4 per cent in the quarter, which reflects strong investment into construction equipment and more houses, supported by our Construction Blitz and HomeBuilder Programs. Government investment also grew at the second highest rate in Australia at 5.7 per cent in the quarter, because at the height of the pandemic last year, we knew it was the Government’s role to step in to support our economy and drive our rebuild, which is exactly what we did.
Household consumption also grew 2.4 per cent in the quarter reflecting confidence returning as more Tasmanians return to work and our economic recovery gathers pace, and in further ABS Payroll Jobs data released today, jobs grew a further 2.7 per cent in the month to mid-February.
Pleasingly, with employment back to pre-pandemic levels, and with the lowest unemployment rate of the states, State Final Demand is now 1.5 per cent higher than the December 2019 quarter, before the pandemic took hold.
These positive economic results are because we took strong action at the height of the pandemic to help businesses and workers, and with our landmark $5 billion infrastructure investment program to support 25,000 jobs over the next four years, we have a clear plan to help businesses recover and grow.
But we know there is more to do, and we will continue doing all we can to support businesses, grow our economy, and create more jobs as we rebuild a stronger Tasmania.