DAMIEN BROWN
September 12, 2008 12:00am
NEW job figures have confirmed Tasmania's economy is booming.
For the first time in almost 30 years, the state's unemployment rate has dipped below the national average.
And the number of Tasmanians in full-time employment is the highest ever recorded.
The Australian Bureau of Statistics figures released yesterday are the latest in a rash of statistics that show Tasmania has one of the fastest growing and most robust economies in the nation.
But that is no cause to celebrate, according to welfare advocates who say the economic boom means it is time for the State Government to pull up its socks on social reform.
Strong figures including public and private sector investment at record highs had Treasurer Michael Aird jumping for joy yesterday.
"Who would have thought 10 years ago when the unemployment rate was over 10 per cent that Tasmania would have an unemployment rate under the average of the national rate, people would have said we were dreaming," Mr Aird said.
"Of course, there is more to do and we are not going to rest on our laurels but we want to get out there and ensure people do know there is a positive investment climate here, we do want businesses to establish here and we will do what we can to stimulate that."
The unemployment rate fell to a record low of 4.1 per cent in August, 0.1 per cent below the national average -- the first time the rate has been below the national mark since October 1980.
The rate is also below those of Victoria (4.5%), South Australia (4.6%) and New South Wales (4.8%).
Also this month, ABS figures have shown Tasmania outperformed the national economy with estimates the state's economy grew 1.4 per cent in the June quarter, compared with 1.1 per cent nationally.
Tasmania also recorded the third-highest quarterly increase in economic activity in the quarter, slipping narrowly behind mining boom states WA and Queensland.
Dwelling approvals have also increased, up 4.1 per cent in July compared with a 0.6 per cent decrease nationally.
And the Sensis Consumer report for September found 57 per cent of Tasmanians surveyed felt confident about their financial prospects for the year ahead, up 19 percentage points since the June report.
Tasmania was the only state or territory to record a net balance above 50 per cent.
The value of retail trade, in trend terms, increased 0.7 per cent in July to $405.7 million, 4.5 per cent above the level recorded a year earlier.
While welcoming the unemployment figures, Tasmanian Chamber of Commerce and Industry chief executive Damon Thomas said it should not mask a low level of labour force participation.
The ABS figures show a rise of 0.3 per cent in the labour force participation rate to 62.4 per cent, another record high.
Mr Thomas said: "There are only six out of every 10 Tasmanians counted in the employment figures because the rest are recorded as not participating.
"This is partly due to our ageing population and the number of people who are unable to work due to a disability. We need to promote more flexible workplaces so these people can participate in employment."
Tasmanian Council of Social Service chief executive officer Tom Muller said those enjoying the economic good times needed to spare a thought for fellow Tasmanians who were still doing it tough.
He said the cost of essential services as well as access to health care, public transport and affordable housing was still out of reach for thousands.
"So it is good times but there is much more the Government needs to be doing to ensure we are all benefiting from the economic boom and now is a good time for the Government to be doing it," Mr Muller said.
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