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The Tasmanian economy has now grown to a record $38.6 billion

November 21, 2023

Jeremy Rockliff, Prime Minister

Michael Ferguson, Treasurer

Key national accounts data released today by the Australian Bureau of Statistics (ABS) has again shown the Tasmanian economy grew over the past financial year, with gross state product (GNP) continuing to grow by 1.1 per cent in 2022-23 .

Prime Minister Jeremy Rockliff said today’s data reflected the gains made following the previous two years of notable GSP growth of 4.3 per cent and 5.0 per cent.

“It means we have taken advantage of this strong growth and managed to grow again,” the Prime Minister said.

“Tasmania has been a leader in the post-COVID-19 economic recovery and has managed to return to growth despite strong national headwinds.

“Our government knows that employment opportunities are critical to combating these headwinds.

“We now have 53,000 more Tasmanians in work than when we took office and will continue to support the ambitious job-creating projects Tasmania needs.”

“Our government has delivered the nation’s leading business conditions, as evidenced by data from NAB last week, which shows our long-term plan is working.”

Treasurer Michael Ferguson welcomed the ABS figures as evidence of the Rockliff Liberal government’s strong economic focus.

“The fact is that Tasmania has begun the post-COVID economic recovery earlier than other states and our current economic indicators are consistent with Treasury forecasts, which predict normalization following a period of high growth.

“The triple threat of inflation, rising interest rates and a slowing economy is creating uncertainty and threatening both business and consumer confidence.

“The federal government’s monetary policy framework is deliberately slowing growth with the recent 14 interest rate hikes – so today’s data is not unexpected and was forecast by the Ministry of Finance in May’s budget papers.

“We know how important employment is in times of high inflation and the unemployment rate has been maintained at historically low levels. The current unemployment rate is half what it was in 2014 under the former Labor-Green government and the total number of employed Tasmanians stands at 288,400.

“Tasmanians are rightly fed up with Dr. Broad constantly belittles Tasmania and have been openly wishing for a negative growth outcome for over a year by belittling Tasmania at every opportunity, cherry picking or misrepresenting statistics in a desperate attempt to intimidate Tasmanians. He has claimed it is an economic recession and population decline, and the facts keep proving him wrong.

“These results are another embarrassing setback for Dr. Broad’s dark agenda.

“Dr. Broad would be better off sticking to the facts, as the only recession in the last 20 years was under the catastrophic job-killing, economy-damaging Labor-Green government in 2012-2013.

“Tasmania’s economy has since grown by $7.9 billion – almost 26 per cent more. The results are in and our government is supporting jobs and businesses in Tasmania in every way we can.

“Over the last nine years our government has shown that our long-term plan delivers a strong economy and we will continue to deliver what matters to Tasmanians.”

Additional media releases from Jeremy Rockliff

Further media releases from the Prime Minister

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