Media release – Michael Ferguson, Treasurer, 29 July 2024

Tasmania’s strong jobs market shines

The Tasmanian Government welcomes CommSec’s July 2024 State of the States Report, which shows that our 2030 Strong Plan is delivering for Tasmania’s jobs market and industry.

The latest CommSec report has Tasmania ranked second for our strong jobs market, second on construction work done, third on equipment investment, and the fastest wage growth in the nation.

The report also shows Tasmania ranking well on CommSec’s model for annual economic growth, based on State Final Demand, ranking fourth at 5.2 per cent above the long term average, outperforming Queensland, Western Australia and New South Wales.

Treasurer Michael Ferguson said it is pleasing Tasmania has the second strongest jobs market in the nation with the record low unemployment rate of 3.8 per cent being 33 per cent below the decade average.

“Tasmania emerged from the pandemic stronger and faster than the rest of Australia, and it is clear that other states are now catching up,” Treasurer Ferguson said.

“This report comes off the back of recent ABS data showing Tasmania has record low unemployment of 3.8 per cent.

“More than 49,300 jobs have been created for Tasmanians under this Liberal Government since we came to office in 2014.

“In addition, it follows the most recent NAB Monthly Business Survey, which shows that Tasmanian businesses are enjoying the best conditions and are the most confident in Australia.

“We know national economic headwinds are creating challenges across the country, but Tasmania has come a long way from the dark days of the last Labor-Green Government, which resulted in an economic recession, soaring unemployment and rock bottom business confidence.”

Only the Government’s Strong 2030 Plan for Tasmania’s Future has the necessary ingredients to support Tasmania’s businesses to invest, employ and grow.

Media release – Josh Willie MP, Shadow Treasurer, 29 July 2024

Tasmania falls to 6th in latest State of the States Report

The latest CommSec State of the States report has dealt another blow to Premier Rockliff and the Liberal minority government’s flatlining economy – Tasmania has slipped down the rankings to 6th place in the nation.

Tasmania also ranked 5th in terms of annual growth rates across the eight economic indicators.

Consistent with other recent commentary, the report identified population growth as a key weakness for the Tasmanian economy – annual population growth is the weakest it’s been in 8 years and that has been driven by the worst net interstate migration levels we’ve seen in decades.

We know that a planeload of Tasmanians are leaving our shores every four days for better opportunities elsewhere. Sadly, the people leaving are working age, tax-paying Tasmanians that we need participating in our economy.

Tasmania also ranked 6th in dwelling starts which makes it truly perplexing that Premier Rockliff and the Liberals are so intent on blocking UTAS from using their vacant campus asset to facilitate the construction of 2,000 new homes.

In the past, the Liberals couldn’t wait to talk about the CommSec State of the States report but now the economy is flatlining, they refuse to accept the same responsibility.

With 5,000 jobs being lost in the economy since Premier Rockliff’s leadership sent his government into minority, a looming budget disaster, sweeping public sector job cuts and an economic situation that only looks to be getting worse, it is clear Tasmanian can’t afford the Liberal Lambie experiment.

Labor’s priority is making sure Tasmanians can find work in well-paid, safe, and secure jobs. Boosting workforce participation, getting people into good jobs, is the key to getting our economy back on track.