Tasmania’s economy continues to show mixed signals, maintaining its fifth-place ranking among Australian states and territories despite record equipment spending, according to the latest CommSec State of the States report.
The state recorded the strongest equipment spending growth in the nation, sitting 25.7% above its decade average, while also leading the country in economic growth at 3.8%.
Wage growth has emerged as another bright spot for Tasmania, jumping from 1.9% to 3.9% this quarter, the strongest increase nationwide.
However, persistently low population growth continues to hamper the state’s overall economic position, with Tasmania ranking last among all states on this crucial metric.
The quarterly report, which analyses key economic indicators to measure momentum across Australia, shows Tasmania has held its fifth overall position for the third consecutive quarter.
Treasurer Guy Barnett highlighted the positive aspects of the report, saying it demonstrated the resilience of the Tasmanian economy.
“This report demonstrates that Tasmanian businesses are continuing to invest, and Tasmanian consumers continue to spend despite the tough economic conditions nationally,” he said.
