Tasmania ranks fifth in January 2024 CommSec State of the States report

After years of appearing at the top of the CommSec State of the States report, Tasmania still has not been able to reach its previous heights.

File picture.

While Tasmania has improved since the last quarterly CommSec State of the States report, it is still far from its lofty position over the previous few years.

However, Premier Jeremy Rockliff said that other reports, such as the December 2023 NAB Monthly Business Survey, Deloitte Access Economics’ most recent economic outlook, and State Final Demand data, indicated Tasmania was in a good position.

After leading in 12 of the last 15 reports, Tasmania dipped to sixth in the October 2023 rankings.

However, for the January 2024 report, the state has risen to fifth position.

Regarding Tasmania’s performance, the report said the state’s strength was its equipment spending, while its weakness was its population growth.

Labor shadow treasurer Shane Broad.

Tasmania’s equipment investment was up 28.7 per cent on its decade average, narrowly ahead of Western Australia, which was 0.1 per cent behind.

The Apple Isle was also second behind South Australia in job markets and dwelling starts.

However, on the other end of the spectrum, Tasmania was last for relative population growth at 0.30 per cent, its weakest CommSec result in eight years.

Labor’s shadow treasurer Shane Broad said the report confirmed that Tasmania’s economy was struggling under Mr Rockliff’s leadership.

“The state budget is in record deficit, headed towards $5.6 billion in debt and the state has run out of energy,” Dr Broad said.

“Tasmanians are hurting and are doing it tough, and can’t afford for the economy to get worse.”

Premier Jeremy Rockliff. Picture: Nikki Davis-Jones

Mr Rockliff said the government was “getting on with the job of growing our economy, building confidence and delivering the biggest infrastructure agenda in Tasmania’s history that secures jobs for years to come”.

“Tasmania led the nation out of Covid with our strong economic performance, and it is only natural that other states have started to catch up,” the Premier said.

“Tasmania is still leading the nation when it comes to equipment investment, a strong forward-looking economic indicator, has the second strongest job market and is second in dwelling starts thanks to our nation leading housing plan.

“We understand that Tasmanians are doing it tough, battling inflation and cost of living pressures.

“That’s why it is more important than ever that there are employment opportunities and job numbers are strong in Tasmania.”

Originally published as Tasmania ranks fifth in January 2024 CommSec State of the States report