Retail trade hits a new record in Tasmania

Australian Bureau of Statistics data released today shows that retail trade in Tasmania reached a record high in August 2024.

The nominal value of retail trade was estimated at $722.4 million, reflecting a modest increase of 0.11 percent compared to the previous month and a notable rise of 2.95 percent from the same period last year.

This impressive growth rate makes Tasmania the second highest-performing state compared to August 2023, just behind Western Australia and surpassing the national growth rate of 2.6 percent. Such figures indicate a robust and resilient retail sector, which is crucial for the overall economy.

Treasurer Michael Ferguson highlighted the significance of this growth as a clear indicator of Tasmania’s economic strength amidst ongoing challenges such as high inflation and elevated interest rates.

“Despite these factors, Tasmanians still have the confidence to spend, which in turn gives our businesses the confidence to continue to employ and invest in Tasmania,” he stated.

Ferguson emphasised that the positive retail figures reflect the effectiveness of the government’s economic strategies. “This shows that our economic plan is working and that the Tasmanian economy is benefiting from the leadership of this Government,” he added.

Looking ahead, Ferguson reaffirmed the government’s commitment to fostering economic growth through the “2030 Strong Plan for Tasmania’s Future.” The ongoing support for local businesses and initiatives aimed at boosting consumer confidence will be central to this plan.

As Tasmania celebrates this record achievement in retail trade, the outlook remains optimistic. The resilience of the retail sector not only supports employment but also contributes significantly to the state’s economic vitality, signalling a promising future for Tasmania’s economy.