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Tasmania Headed For A Positive Economic Recovery

The revised estimates report released for 2020-2021 confirmed a buoyant economic recovery in Tasmania.

Though the initial 2020-21 budget anticipated an unemployment rate of 8½ percent this year, the midyear review projects a 7 percent unemployment rate as employment keeps rising.

The report indicated a participation rate equivalent to the pre-pandemic levels. Almost 80 percent of Tasmanians have now returned to work since the pandemic’s peak in May 2020.

“As Tasmanians return to work, our economy is now expected to grow this year rather than contract. Increasing economic activity is underpinned by growing consumer and business confidence, retail trade, and housing investment across the State supported by our successful HomeBuilder program. Dwelling approvals are at unprecedented levels, and in December were the highest since the series began nearly forty years ago.”, said Premier Peter Gutwein.

Tasmanian government has set an ambitious landmark of $5 billion infrastructure program in the next four years as part of the 2020-21 budget to enable its economic recovery. The program is expected to create around 25,000 jobs in the state.

“Given the extraordinary activity in our building and construction sector, including through the HomeBuilder grants scheme, we have a bustling market, and our plan is doing exactly what we need it to – underpinning confidence and providing a strong pipeline and foundation for economic growth over the next four years. The Report identifies several risks for infrastructure delivery. However, it is pleasing to see that despite the pandemic, year-to-December infrastructure expenditure has been 10.4 percent higher than this time last year.”, Premier further informed.

Premier affirmed that the report is proof of their government’s effective functionality in rebuilding a stronger Tasmania.

He stated that Tasmania’s economic recovery is well underway, and he will take all steps to focus on the health and safety of Tasmanians as we manage this pandemic. At the same time, continue to work towards creating jobs and getting more Tasmanians back into work.

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