Tasmania’s economy continues to show resilience and growth, with new data from the Australian Bureau of Statistics (ABS) revealing a significant increase in private sector investment. For the 12 months leading to September 2024, Tasmania recorded Private New Capital Expenditure (PNCE) of $2.2 billion, an 8.7 per cent increase from the previous year. This outpaces the national average of 3.6 per cent, highlighting the strength of the state’s economic fundamentals.
Strong Investor Confidence
Treasurer Guy Barnett welcomed the figures, stating that they reflect the continued confidence private investors have in Tasmania’s economy. “This data shows the underlying confidence the private sector has in Tasmania,” Barnett said. “We are working hard to ensure our economy remains resilient and that there are opportunities for all Tasmanians.”
The rise in capital expenditure signals ongoing growth across various sectors, as businesses continue to invest in Tasmania’s future. This investment is contributing to the state’s economic growth, with Tasmania’s economy reaching a record $40.6 billion, marking an impressive $8.5 billion increase over the past 10 years — a 26.3 per cent rise.
Job Creation and Economic Expansion
In addition to the surge in private investment, Tasmania is also benefiting from strong employment growth. The state has created 45,000 new jobs under the current government, with the unemployment rate remaining at a historic low. Tasmania’s wage growth is also the highest in the nation, further boosting the state’s economic outlook.
Barnett attributed the state’s economic growth to the government’s ongoing support for businesses and job creation, saying, “Private investors are continuing to invest and are continuing to employ because they know our Government backs jobs and backs business.”
Tasmania’s Bright Future
With a focus on building a stronger, more resilient economy, the state is set to continue its upward trajectory. Barnett reaffirmed the government’s commitment to the “2030 Strong Plan for Tasmania’s Future,” which is designed to ensure sustained growth and prosperity for the state. As the private sector continues to demonstrate confidence in Tasmania, the state’s economy is on a firm path towards long-term success, with ample opportunities for both businesses and residents.
The latest figures underscore the ongoing positive momentum in Tasmania’s economy, reflecting a thriving private sector, job growth, and a clear vision for the future.
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