Tasmania’s economy has received a boost with the latest data from the Australian Bureau of Statistics revealing that businesses in the state invested a record $586 million during the June 2024 quarter. This figure not only marks an all-time high but also positions Tasmania as the nation’s leader in business investment growth, with the state experiencing a remarkable 35 per cent increase compared to the same period last year.
This surge in investment is a strong indicator of growing business confidence in Tasmania, particularly among the state’s 41,000 small businesses, which play a vital role in driving the local economy. The numbers align with the findings of the most recent NAB survey, which ranked Tasmania as having the highest business confidence in the country.
A deeper dive into the figures shows that the growth was driven by substantial increases in investment across several sectors. Investment in buildings and structures surged by an impressive 75.6 per cent, while spending on equipment, plant, and machinery grew by 17.7 per cent. These figures highlight the willingness of Tasmanian businesses to commit resources to long-term growth and development, despite broader economic uncertainties.
Tasmania’s investment growth far outpaced other Australian states and territories, with the Northern Territory coming in a distant second at 26 per cent growth. This level of investment is a clear reflection of the strong economic policies implemented by the Tasmanian Liberal Government under its 2030 Strong Plan for Tasmania’s Future. The plan has been designed to support industry growth, encourage investment, and create more employment opportunities for Tasmanians.
Premier Jeremy Rockliff expressed his satisfaction with the latest figures, noting that the continued growth in business investment is a testament to the resilience and optimism of the Tasmanian business community. He emphasised that the government’s policies are providing the right environment for businesses to thrive, which is essential for sustaining long-term economic growth and job creation across the state.
The impact of this investment boom is also evident in Tasmania’s labour market, with the unemployment rate holding steady at a near-record low of 4.1 per cent. This figure is particularly significant given the challenges faced by other regions across the country, where unemployment rates remain higher and economic growth less robust. The low unemployment rate reflects the effectiveness of the state’s economic strategies in generating jobs and providing opportunities for Tasmanians.
The positive economic news stands in stark contrast to the outlook from the opposition, which has been critical of the government’s approach. However, the latest data suggests that the government’s focus on fostering business confidence and supporting investment is paying off, with Tasmanians rejecting the negative rhetoric in favour of policies that deliver tangible economic benefits.
Businesses across Tasmania are investing not only in infrastructure and equipment but also in their workforce. This investment in people is crucial for ensuring that the state remains competitive and able to meet the demands of a rapidly changing economy. By equipping workers with the skills and tools they need, businesses are laying the groundwork for future success and sustainability.
The record levels of investment are also expected to have a ripple effect across the broader Tasmanian economy. Increased spending on buildings, structures, and machinery will likely lead to more construction projects, greater demand for local goods and services, and a stronger overall economic performance. This, in turn, will create more jobs and opportunities for Tasmanians, helping to build a more prosperous and resilient state.
The Tasmanian Government’s 2030 Strong Plan for Tasmania’s Future has been instrumental in creating the conditions necessary for this level of investment. The plan includes a range of initiatives aimed at supporting business growth, enhancing infrastructure, and improving workforce skills. These efforts have helped to create a business environment that encourages investment and innovation, making Tasmania an attractive destination for both local and international businesses.
As businesses continue to invest in their future, the Tasmanian economy is expected to remain strong, with sustained growth in key sectors. The government’s commitment to supporting industry and fostering a positive business climate will be crucial in ensuring that this momentum continues in the years ahead.
The latest investment figures are a clear sign that Tasmania’s economy is on the right track, with businesses across the state showing confidence in their ability to grow and prosper. This confidence is not only boosting investment but also creating new opportunities for Tasmanians, helping to build a stronger, more resilient economy that can weather future challenges.
As Tasmania looks towards the future, the focus will remain on supporting businesses, encouraging investment, and ensuring that the state’s economy continues to grow and thrive. The record levels of investment seen in the June 2024 quarter are just the beginning, with more growth expected as businesses continue to capitalise on the opportunities available to them.
In a landscape where economic challenges are ever-present, Tasmania’s record-breaking investment figures are a cause for celebration. They demonstrate the effectiveness of the government’s economic policies and the strength of the state’s business community. With continued support and investment, Tasmania is well-positioned to achieve sustained economic growth and prosperity in the years to come.
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