By Michael Ferguson, Minister for Small Business
Tasmania’s economy is leading the nation on a number of measures, and the Hodgman Liberal Government says “thank you” to the hard working and innovative Tasmanian businesses.
Australian Bureau of Statistics Gross State Product data shows that the Tasmanian economy is the fastest growing in the country.
In 2018-19 the Tasmanian economy grew 3.6 per cent, the highest growth rate of all of the States and Territories, and nearly double the national GDP growth of 1.9 per cent. This extraordinary result is the fastest economic growth recorded in Tasmania in 15 years and it is the first time since the series began in 1989 that Tasmania’s economy grew the fastest in the nation.
In another series first for Tasmania, all 19 industry sectors grew throughout the year, meaning that our economic success is diverse and broad-based.
Further to this, more Tasmanians are in work than ever before.
ABS labour force data shows that under the Hodgman Liberal majority Government, 15,800 jobs have now been created, and 250,900 Tasmanians are now employed in trend terms, which is a new jobs record!
In October 2019, 800 jobs were created, representing the fastest growth rate in the country at 0.3 per cent, and our unemployment rate continued to fall to 6.1 per cent.
This growth and confidence is reflected in the latest Sensis Business Index results which show that Tasmania’s businesses are the most confident of all states with a massive 61 per cent of small to medium businesses reported as ‘confident’ or ‘very confident’ in the latest results.
The Hodgman majority Liberal Government is the greatest supporter of Tasmanian businesses and we will continue to deliver our plan to create the right environment for job-creating investment, so that more Tasmanians benefit from a strong economy.