Tasmania has held onto the title of Australia's best performing economy for the third quarter in a row, according to the latest CommSec State of the States report.
The October report found Tasmania leads ranking across five of the eight economic indicators assessed: relative population growth, equipment investment, housing finance, dwelling starts and retail trade.
Premier Peter Gutwein said the result was proof the government was "doing everything it can to support confidence, drive investment and create jobs".
But Labor said the report was "little comfort" to the thousands of Tasmanians who had lost their jobs during the pandemic and noted economists were predicting the worst was yet to come.
The CommSec report paints a picture of how Australian states and territories are performing by comparing quarterly statistics with a region's average over the past decade.
Mr Gutwein said the report demonstrated "the resilience and confidence of our business sector" by finding equipment investment was up 15.2 per cent to $217 million.
The Premier also noted Tasmanian was one of two jurisdictions to see higher employment over the year, with 0.5 per cent more jobs compared to September last year and "the highest rate of wage growth over the year to June as well".
"The fact is that 12,400 Tasmanians have returned to work since the height of the pandemic's impacts in May, and there are more Tasmanians employed than this time last year," Mr Gutwein said.
"This report is again more proof that because we entered the pandemic from a position of strength, with one of the strongest economies in the nation and no net debt, we were able to use our balance sheet as an economic stabiliser, delivering the largest economic and social support package in the nation as a proportion of our economy, at over $1 billion."
But Shadow Treasurer David O'Byrne pointed to jobs data from the Australian Bureau of Statistics this week, which "paints a grim picture of the state's stalled job recovery".
He said the ABS data found the unemployment rate had increased from 6.4 to 7.4 per cent in the past month while wages growth had fallen by 2.3 per cent.
"In a week where Peter Gutwein has completely ignored worsening job numbers, it would be an insult for the government to attempt to boast about this report," he said.
The Shadow Treasurer also noted Tasmania's figures in the report were " heavily distorted by the GFC and the impact of the high Australian dollar on our export oriented economy".
"Peter Gutwein should spend less time spinning and more time addressing the unemployment crisis unfolding in Tasmania, he needs to focus on the crisis here and now, not the 10 year average," he said.
Findings from the October CommSec report are below:
- Dwelling commencements: 698, up 9.5% on the decade average
- Unemployment: 7.6%, up 17.9 per cent on the decade average
- Population growth: 1.12%, up 89.1% on the decade average
- Economic growth: $39,691 million, up 19.9% on the decade average
- Equipment investment: $217 million, up 15.2% on the decade average
- Housing finance: $310 million, up 75.2% on the decade average
- Retail Spending: $1634 million, up 11.4% on the decade average
- Construction work: $724 million, up 6.3% on the decade average
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