The Treasurer is shrugging off the latest Commsec State of the States report indicating Tasmania’s economy has fallen from first in the country to sixth.
The quarterly snapshot assesses eight indicators: economic growth, retail spending, equipment investment, unemployment, construction work done, population growth, housing finance and dwelling commencements.
Michael Ferguson says Commsec found there’s little to separate the top six states and territories in terms of economic performance.
“While Tasmania is not on top this quarter, we have led the State of the States report for 12 of the last 15 quarters,” said Mr Ferguson.
“Tasmania emerged from the pandemic stronger and faster than the rest of Australia, and it is clear that other states are now catching up.”
Labor’s Shane Broad has pointed to Tasmania’s annual growth rate going backwards, the only state to do so.
“The report also shows that people are voting with their feet about the state of the economy,” he said.
“Tasmania recorded the weakest population growth, which at 0.42% was the worst result for Tasmania in around seven years.”
Across Bass Strait, strong economic activity, solid retail spending and business investment catapulted Victoria from fifth place in the previous survey (July 2023) to the number one spot, with that state also recording its highest population growth in almost seven years.