Analysis of the Tasmanian economy released by National Australia Bank shows that the Hodgman Liberal Government’s long-term Plan for Tasmania is working.

Clearly there is still a lot of work to do and a number of challenges that need to be tackled, but the report highlights that in key areas like jobs, business confidence and the building and construction sector, Tasmania is finally heading in the right direction after years of mismanagement by the former Labor-Green Government.

The NAB analysis also highlights Tasmania’s booming tourism and hospitality sectors and says that the sector will continue to benefit from a lower Australian dollar encouraging more Australians to holiday at home and more international visitors to come to Tasmania.

NAB says that “the Tasmanian economic outlook has improved over the last year, thanks in large part to a strong pick-up in business investment and domestic tourism renaissance.”

Business investment is picking up because business confidence is the highest in the nation. Businesses in Tasmania are now looking forward to the future and it’s driving jobs growth right around the State. That has prompted NAB to say that:

“…a falling unemployment rate alongside a rising participation rate suggest that the fundamentals in the Tasmanian labour market are improving. This is further supported by a slowing rate of interstate migration which point to a stabilising labourforce. Stronger activity in dwelling construction is also expected to contribute positively to growth.”

We will continue to invest in our competitive strengths like tourism and hospitality, education, building and construction and primary industries because it is clearly paying off and generating investment and job creation.

We will also continue to boost job numbers through our $315 million jobs package.

Under the Hodgman Liberal Government we will continue to invest in and transform our State’s economy through our long-term Plan.

The NAB analysis can be found here – http://business.nab.com.au/wp-content/uploads/2015/09/TAS_Sep15.pdf
Peter Gutwein, Treasurer