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Category: Economic Trends / States and Territories

Tasmania's 'time to shine' as economy improves

Monday, 23 Jan 2017 04:37:04 | Georgie Burgess

The report shows the annual growth in home lending is the strongest in the country. (ABC News: Ian Cutmore)

Tasmania has been labelled the "big improver" in the latest CommSec report, with population growth giving the state economic momentum.

The quarterly score card rates the eight states and territories on a range of economic factors, such as retail spending, housing and population.

Tasmania is now ranked fourth overall, improving from seventh place.

CommSec chief economist Craig James said it was down to population and housing.

"More people are coming to the state and fewer are leaving which creates growth in terms of housing finance and the job market — so it provides momentum to the economy," Mr James said.

He said Tasmania had faced economic challenges in recent years, but was now the big improver.

"Now it's Tasmania's time to shine — housing affordability is boosting the population," he said.

The state is still lagging when it comes to economic growth, but Mr James said it would take time to catch up.

"The strong growth we're seeing takes time to show through."

Treasurer Peter Gutwein talks about the state budget Photo: Peter Gutwein says people have stopped "leaving the state in droves". (ABC News)

In a statement, Treasurer Peter Gutwein said the report confirmed the state's "economic revival".

"This is the best result for Tasmania in five years," he said.

"Tasmania's annual population growth is now just under 0.5 of per cent, under Labor and the Greens, people were leaving the state in droves.

"In addition, the report finds that annual growth on home lending is the strongest in the country, at 8.9 per cent."

Job figures still a worry: Bacon

Labor finance spokesman Scott Bacon said Tasmania still had significant economic challenges.

"Labor will always welcome positive economic news and there are positive signs contained in the latest CommSec report," Mr Bacon said.

"An increased demand for housing is encouraging as well as growth in the retail sector.

"But the report comes just days after the latest employment figures reveal we've lost 600 full-time jobs in the last month."

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