MyState Bank is Another Sign of Confidence in Tasmanian Economy

Today’s announcement that MyState Financial will become Australia’s newest bank is a further sign of confidence in the Tasmanian economy.

The change to MyState Bank sends a clear signal to the market place that MyState is a robust and strong institution that offers the full range of banking and financial services.

By increasing their brand awareness as a bank, MyState Bank will also be able to increase their presence in the national market which will help grow this important Tasmanian company.

The wider MyState Limited group already employs around 300 Tasmanians, has more than 120,000 customers and nearly 60,000 Tasmanian shareholders and we look forward to seeing it reach its full potential.

As Tasmania’s economy continues to recover across the building and property sectors, it is also advantageous to have a bank which is local and will offer welcome competition to the Big Four.

Today’s announcement comes on the back of a number of positive signs for the Tasmanian economy.

Around 3,400 jobs have been created since the March election, unemployment is down and the participation rate is up.

Building approvals, retail trade and business confidence are all up and our economy is now growing faster than some of the other bigger states.

The Liberal Government will continue to work with MyState and all Tasmanian companies to help capitalise on these positive signs to grow the economy and create jobs.
We congratulate MyState Limited on their important milestone.
Peter Gutwein, Treasurer