Tasmanian economy continues its coronavirus bounceback
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Tasmania's economy is continuing to bounce back strongly from its coronavirus-driven crash. Important growth measure state final demand increased by 1.6 per cent in the March quarter, the Australian Bureau of Statistics estimated.
Source: Sean Ford The Examiner 3rd June 2021
It was the third highest growth rate among states and territories and followed increases of 6 per cent and 3.7 per cent in the previous two quarters.
They marked the start of the fightback from the crash in the June quarter of 2020, when state final demand slumped by 7.9 per cent.Household consumption spending was the key to March quarter growth, with government consumption spending, housing investment, business investment and public sector investment making smaller contributions in dollar terms.
Economist Saul Eslake said Tasmania's March quarter state final demand was 2.1 per cent larger than its highest pre-coronavirus level (the September quarter of 2019).
"This compares with a 1.4 per cent increase over the pre-COVID peak for Australia as a whole (which was in the December quarter of 2019), and suggests Tasmania has thus far had a stronger economic recovery than any other part of Australia except Western Australia and Queensland and, in particular, stronger than New South Wales or Victoria," he said.
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