Today’s ABS National Accounts show that the economic momentum continues to gather pace under the Hodgman Liberal Government.
State Final Demand grew in the March quarter by 0.3 per cent, and 1.5 per cent over the past 12 months.
Importantly, today’s figures reveal that private investment, which is a key measure of the strength of the broader economy, has grown by 1.4 per cent in the first three months of the year and by 7.5 per cent over the past 12 months.
The best litmus test of how Tasmanians are feeling about the economy right now is consumer spending, which has grown by 3.5 per cent over the past year. What this shows is that it is the private sector – individuals and businesses – lifting the economy, which demonstrates the improving economic fortunes are a result of rising confidence levels.
It’s this growing economic momentum that is helping create thousands of new jobs for Tasmania.
There is still a lot more the Government can do to support the economy though and create even more jobs. That’s why the budget contains a $315 million jobs package and a massive $1.8 billion spend on infrastructure.
Under the previous Labor-Green Government, the North and the North-West were hit particularly hard. While the economic upturn is being felt right across the State it is obvious that the North and North-West haven’t recovered as quickly. That’s why we are strategically targeting these regions with investments that will unlock the potential in those areas and create thousands of jobs in the process.
The national accounts also show that for the first time in a long time, Tasmania has a Government that can stick to its budget and rein in public spending. This is the key reason why we will be back in the black and recording a surplus next year.
What’s clear from this week in Parliament is that only the Hodgman Liberal Government has a plan to keep growing the economy, creating jobs and investing in infrastructure and frontline services.
Peter Gutwein, Treasurer
