Tasmanian Economic Growth Forecast To Be 3.2 % In 2019-20

Tasmanian Economic Growth Forecast To Be 3.2 % In 2019-20

Tasmania Premier-Elect Peter Gutwein

Tasmania’s Economic Growth Continues

Victor P Taffa

Latest Deloitte Access Economics Outlook released today has confirmed that Tasmanian economic conditions remain robust, with economic growth forecast to be 3.2 % in 2019-20, and with continued above-trend growth of 2.4 % in 2020-21, Premier-Elect Peter Gutwein said.

Deloitte recognises what Tasmanians already know, that in the past handful of years Tasmania’s economic position has shifted sharply in our favour, with strong growth as a result of increased demand for our exports, and above-trend population growth as people in Melbourne and Sydney recognise the lifestyle benefits of living here.

As noted by Deloitte, the “pick up in people power boosted both construction and retail and gave business more incentive to invest locally, with all the benefits to housing markets and businesses that growth can bring.”

Business Outlook also forecasts Tasmania’s level of employment to increase by almost 10,000 jobs over the next four years (consistent with expectations in the 2019-20 Budget), with a steady decrease in the unemployment rate as our economy continues to grow.

Business Outlook recognises the importance of the Government’s record $3.6 Billion capital investment program, noting that “public demand has been running hot of late, keeping pace with a nation-wide boom in government investment in particular”, and that the engineering and commercial construction industries are benefiting from our “infrastructure bonanza”.

Deloitte notes that our export industries are central to our success, with farm incomes higher than in mainland Australia, strong international education enrolments, and continued growth in tourism.

Business Outlook couldn’t state it any clearer: “The bottom line? Tasmania has had a beautiful run, and it hasn’t finished yet.”

“We couldn’t agree more, and under the Tasmanian Liberal Government’s long-term plan for Tasmania, our state has come a long way after a disastrous period of Labor-Green minority government, which slammed Tasmania into recession.” Premier-Elect Gutwein said.