The latest Deloitte Access Economics Business Outlook for the March 2021 quarter has confirmed our economic recovery from COVID-19 is leading the nation, with our economy 2.3 per cent larger at the end of 2020 compared to one year earlier.
The Report specifically praises our strong management of the pandemic, noting that “Tasmania has been the COVID fortress of the nation” and that as other States have entered snap lockdowns, “fortress Tassie stayed open for business.”
It’s more evidence that our clear plan to navigate the pandemic, support our economy, and secure Tasmania’s future is working to create jobs right around the State, with businesses having the confidence to invest and hire. As a result our economy is rebounding.
The Report also forecasts economic growth of 5.1 per cent in 2021 – the third fastest growth rate in the country, just behind the largest economies of NSW and Victoria, with Tasmania also forecast to outgrow the nation.
In fact, Deloitte stated that: “Be impressed: the ACT, Tasmania and West Australia have equalled or bettered the performance of China (the fastest growing national economy across the globe through 2020).”
And Deloitte found that our rapid economic recovery is leading to jobs growth, noting that our unemployment rate is one of the lowest in the country, with job advertisements rising the fastest in the country, as businesses invest and look to expand.
Pleasingly, our economic recovery has been seen across multiple industries, with Deloitte particularly noting strong retail spending, especially in hospitality, and our strong housing market.
But we know there is more to do, and while Deloitte says that “Tassie is moving in the right direction”, we are focused on delivering our clear plan to secure our future by growing our economy and creating more jobs, right around the State.