Poor economic report card

The latest state-of-the-states report by CommSec shows Tasmania is faring the worst in most measures of economic performance.

The quarterly report rates Tasmania as the worst performing of all the states in economic and population growth, retail and construction.

It is the second weakest in housing finance and home building.

High unemployment continues to hinder the state.

Tasmania's best result was for investment in equipment, with the report ranking it fourth.

It predicts that rebuilding after this month's bushfires will provide a boost.

CommSec's Chief Economist Craig James says other states are riding on mining, energy, gas and coal projects.

"[Tasmanian has] got to find that X-factor that a lot of other states have got," he said.

The Liberal's Peter Gutwein says the Government's economic policies are failing.

"[We are] the only state where we're actively working to shut down one of our core industries," he said.

Tasmania's main business lobby has described the report as another wake up call.

The Chamber of Commerce and Industry's Michael Bailey says the report proves the Tasmanian Government should be working to change the tax and planning systems.

"We see this as being another wake up call for the state and another huge opportunity for us to welcome development rather than oppose it," he said.

"We're in a state that desperately needs economic development, desperately needs wealth generators and we have some huge opportunities." The Government says the jobs package announced last month will create more than 3,300 jobs.

It expects it to have a flow-on effect for housing finance and new buildings.

The Government says there is also about $656 million of engineering construction work in the pipeline.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    0.9327-0.0005-0.05%
    AUDUSD=X
    0.5555-0.0003-0.05%
    AUDGBP=X
    0.6753-0.0003-0.05%
    AUDEUR=X
  • Commodities
    Commodities
    NamePriceChange% Chg