The latest edition of Deloitte Access Economics’ Business Outlook paints a bleak picture of the Tasmanian economy.

The Outlook forecasts Tasmania’s economic growth to be just 0.4% in 2024-25 – the lowest of any state. It also projects economic and employment growth over the next five years to be the weakest in the nation.

Deloitte has flagged low population growth is holding Tasmania’s economy back – and little wonder given young people are leaving the state in numbers not seen since the 1990s.

New dwelling approvals have also continued to trend down in Tasmania, and dwelling investment is also estimated to have declined by 5.2%. Another 4.7% fall is forecast for 2024-25.

Perhaps most worrying is the fact Tasmania is forecast to experience even more job losses throughout 2024-25.

It’s clear the Liberal-Lambie experiment is damaging Tasmania’s economy.

Since Premier Rockliff’s leadership sent his government into minority, Tasmania has already shed 5,000 jobs, the economy is flatlining and Tasmanians are leaving the state in record numbers for better opportunities elsewhere.

With a looming budget disaster, sweeping public sector cuts and an economic situation that only looks to be getting worse, Labor believes we need to increase workforce participation and embrace opportunities like the UTAS development to build thousands of new houses.

If Tasmania’s participation rate was at the national average, over 11,000 jobs would be created, households would be $1,500 better off and the State’s economy would be boosted by over $3.7 billion annually.

Labor’s priority is making sure Tasmanians can find work in well-paid, safe, secure jobs.

Josh Willie MP
Shadow Treasurer