Macquarie Point stadium build could stop a Tasmanian recession, Master Builders CEO says
Alarming figures showing the Tasmanian economy starting to struggle has prompted a call for Labor to support the Mac Point stadium to stave off a possible recession.
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Alarming figures showing the Tasmanian economy starting to struggle has prompted a call for Labor to support a stadium to stave off a possible recession.
Australian Bureau of Statistics figures released Monday showed Tasmania’s domestic economy has shrunk for two consecutive quarters.
State Final Demand, a key economic measure, went backwards in Tasmania during the March quarter by 0.2 per cent; it followed a 0.4 per cent fall in the December quarter.
The news drew varying reactions from different quarters.
The opposition treasury spokesman Shane Broad blasted the government saying they needed to get their priorities right.
“Worryingly, Tasmania is the only state or territory to have seen its domestic economy shrink in both of the last two quarters,” Mr Broad said.
“The leading cause of the fall in the March quarter was a collapse in business investment, which fell 4 per cent and which is now $113m lower than in the September quarter.”
But Master Builders Tasmania CEO Matthew Pollock said the numbers were a wake up call for both Labor and the Liberals saying it was time for Labor to lock in the Macquarie Point stadium.
“These ABS figures are concerning,” Mr Pollock said.
“It would have been a lot worse if it hadn’t been for the building and construction sector. “New home builds and renovations to existing homes are two of the only areas of the economy that are growing.”
He said while residential building would remain strong for the foreseeable future, the state shouldn’t put all its economic eggs in one basket.
“When the Bridgewater Bridge project finishes in a couple of years, there will be no major construction projects in the pipeline for Tasmania. That should be a huge concern for both Labor and the Liberals,” Mr Pollock said.
“Non-residential construction is down over five per cent for the quarter, the weakest quarter since June 2021, and the clear warning to both Labor and the Liberals is that without more major projects, the economy will slide into recession.
“The Liberals need to lift their game and make sure we have a steady pipeline of projects for the sector.
“The Labor Party needs to wake up and realise that without the new stadium proposed for Macquarie Point, our economy will suffer huge damage and we will all pay the price.
“The Macquarie Point project could be the difference between a strong, diverse economy and a decade of economic decline.”
Originally published as Macquarie Point stadium build could stop a Tasmanian recession, Master Builders CEO says
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