Tuesday, 26 May 2020 Sydney

Deloitte Access Economics report confirms Tasmanian economy “performing solidly”::

The Deloitte Access Economics Business Outlook Report for 2017 confirms that Tasmania is surging ahead under the Hodgman Government.

Under our long-term Plan, Tasmania has come a long way after a disastrous period of Labor-Green minority Government slammed the State into a deep recession.

The Report says that “…Tasmania’s growth has been steady at a decent pace over the past four years. There’s good news in plenty of indicators.”

The Report says that:

  • the job market has improved, which has reduced the unemployment rate;
  • growth in retail sales is outperforming national retail sales growth in both 2015-16 and 2016-17;
  • the number of international visitor arrivals to Tasmania is booming, with visitor spending up by a remarkable 24 per cent;
  • business investment is up; and
  • small business confidence is higher than the national average.

The Report also identifies projects like the Granville Harbour wind farm and infrastructure upgrades as being key economic drivers.

Tasmania’s commercial construction sector is also singled out as being vital, with the Report saying that:

“Tasmania’s commercial construction sector has been a much more consistent performer than engineering construction over the past few years. There are around $1.7 billion worth of projects under construction and a further $1.5 billion across the various planning stages, which means it is also outperforming the engineering sector in dollar terms.  Projects underway are led by the $689 million redevelopment of the Royal Hobart Hospital. The final phase of that redevelopment includes constructing a new inpatient building called K-block, which is slated to open in 2019. Work is set to start on the new $40 million Hyatt Hotel on Hobart’s Elizabeth Street, with construction expected to take around two years. The pipeline is also supported by around $700 million worth of hotel and resort projects across the State, though it’s worth noting that the majority of these are in the early planning stages.”

There is no doubt that Tasmania’s economy is heading in the right direction, but only the Hodgman Government has a clear Plan to build on this momentum and take Tasmania to the next level.