MAINLAND commentators have become accustomed to dismissing Tasmania’s economy as a basket case.

Indeed, so bad have many of the statistics on Tasmania’s economic performance been over most of the past 25 years that it is commonplace for commentators to ignore figures for Tasmania altogether, and refer to some other state as having the highest or worst result of any mainland state, as if to say, “Yes, well we know Tasmania is actually the highest or worst, or whatever, but it doesn’t really count”.

Since habits die hard, mainland commentators can, perhaps, in a spirit of charity, be cut a little slack for having in most cases failed to notice the recent improvement in Tasmania’s economic performance.

Ignored

However, a survey of some of the key figures from this year’s round of state budgets, which finished in Queensland on June 7, shows that Tasmania’s economic performance should no longer be dismissed or ignored as it has been for so long.

If all the forecasts for state and territory economic growth contained in these budgets are vindicated, then, over the five years to 2005-06, Tasmania’s economy will have grown at an average annual rate of 3.3 per cent — behind only the resource-boom states of Western Australia and Queensland, level with Victoria, ahead of the national average of 3.2 per cent, and nearly a full percentage point ahead of NSW.

Again, if the state and territory treasuries are right, over the same period employment in Tasmania will have grown by an average of 2 per cent a year, ahead of every other state except Queensland and WA; and in two years’ time Tasmania’s unemployment rate will be only a percentage point above the national average, the smallest margin in 25 years.

Grown

Besides which, during this period Tasmania’s population, rather than shrinking, as widely forecast a few years ago, will have grown by an average of 0.6 per cent a year, faster than either of the territories or South Australia.

Tasmania will still be Australia’s poorest state in a year’s time but by 2005-06 Tasmania’s per capita gross product will have risen to just over 73 per cent of the national average, from a low point of less than 71 per cent of the national average in 2000-01.

Proportionately, this is a larger rise in Tasmania’s relative standard of living than Victoria achieved over the five years after it hit rock bottom in 1991-92.

The improvement in Tasmania’s economic performance has been largely the result of good economic and fiscal policy at the state level — just as Victoria’s was in the years following its deep recession of the early 1990s. Tasmanian Government operating expenses will have declined by 1.9 percentage points of gross product over the five years to 2005-06, compared with a decline of just 0.5 percentage points on average for the mainland states.

Spendthrift Robin Gray

This partly reflects the success of the Government in paying off the debt inherited from the spendthrift Liberal government of Robin Gray.

By this time next year, Tasmania will have joined Queensland, Victoria and the ACT as net creditors — a considerable achievement considering that a decade ago, Tasmania’s general government net debt stood at 17 per cent of gross state product, higher than Victoria’s, and that 12 years ago Tasmania was paying more than 10¢ in every dollar of state revenue in interest.

And, although this year’s Tasmanian budget, like that of most other states, contains a significant lift in infrastructure spending, Tasmania is the only state that expects to record cash surpluses in each of the next four years.

All of this has been achieved without raising state taxes. Indeed, Tasmania has been the only jurisdiction not to have introduced any new taxes, or increased any existing ones, over the past five years.

Sustainable

And it has not been as a result of any greater generosity on the part of the Commonwealth Government — indeed Tasmania’s share of GST revenue and of total Commonwealth payments to the states and territories, has fallen by about 0.5 percentage points over the five years to 2005-06.

Other indicators support the view that Tasmania’s renaissance is sustainable.

For example, the retention rate of year 12 Tasmanian students, which 18 years ago was nearly 20 percentage points below the national average, is now higher than in NSW, South Australia and WA, an improvement that is now beginning to flow into the quality of the Tasmanian labour force.

So, it’s no longer accurate to dismiss Tasmania as an economic or social basket case. And it’s certainly not appropriate to leave Tasmania out of round-ups of state economic performances.

Saul Eslake is chief economist at ANZ Bank.

This article first ran in The Age, Friday, June 24. It is republished by permission of the author.