ABS Data – Investment & Jobs

See ABS private investment data here.

Media release – Michael Ferguson, Minister for Finance, 27 May 2021

Private investment continues to rise in Tasmania

Business confidence in Tasmania continues to be high, with new ABS data released today confirming that private investment continues to grow in Tasmania.

Investment into Equipment, Plant and Machinery grew 47 per cent over the year to the March 2021 quarter, in real seasonally adjusted terms – the highest growth rate in the nation.

At the same time, this investment grew 16.4 per cent in the quarter, which was the second highest quarterly growth nationally, showing business confidence levels are being maintained.

Overall, private New Capital Expenditure grew 9 per cent in the first quarter of 2021, in real seasonally adjusted terms, higher than national growth of 6.3 per cent. Private New Capital Expenditure is now 7.5 per cent higher than the March quarter last year, before the pandemic.

These figures demonstrate that businesses are confident and investing to meet demand and grow.

At the same time, data last week confirmed that businesses are hiring, with Tasmania seeing the highest rebound in job advertisements nationally compared to before the pandemic.

The Tasmanian Government has a clear plan to secure Tasmania’s future, and it is working. Our businesses are confident, investing and hiring, there are more Tasmanians in work than before the pandemic, and 23,600 jobs have been created since we came to Government in 2014.

See ABS labour force data here.

Anita Dow MP, Acting Labor Leader, 27 May 2021

Regional unemployment rises for tenth month in a row

Tasmania’s regional unemployment rate has risen for the tenth month in a row new ABS data has revealed.

Acting Labor Leader Anita Dow said based on the 12-month average of the ABS numbers, Tasmania has the highest regional unemployment rate in the country.

“What today’s numbers show is that Tasmania’s regional communities continue to face significant economic challenges,” Ms Dow said.

“Regional unemployment has risen for the tenth month in a row, up to 7.3 per cent, and the unemployment rate on the West Coast and in the North-West is 7.4 per cent, the highest rate in Tasmania.”

Ms Dow said the data added to a string of concerning Tasmanian jobs and employment data that had been released over the past week.

“Across the past week I have called on Premier Peter Gutwein to outline his plan to fix his Government’s failure to deliver infrastructure.

“We have seen data showing Tasmania has the worst unemployment rate in the country and that 2500 jobs have been lost, yet the Premier has not addressed them.

“The Government have underdelivered infrastructure by $600 million and watched on as critical projects like the installation of a new shiploader at the Burnie Port has fallen behind schedule.

“Not only has this Government’s inability to deliver infrastructure cost jobs but Peter Gutwein’s failure to stand up to Scott Morrison to extend Job Keeper has led to this outcome.

“And tourism and hospitality businesses are searching for skilled workers, yet job seekers are unable to get the training they need due to years of TAFE being ignored in regional areas.

“While the Government embarks on its 100-days of meetings Tasmanians are facing the reality of unemployment and more needs to be done now before more people are out of work.”