Benchmark report

As from June 2006, the Department of Treasury and Finance has been the lead agency responsible for the Tasmania Together benchmarks listed below. The Department also contributes to a range of other benchmarks.

Goal 10: Thriving and innovative industries driven by a high level of business confidence.

Standard: Enhance Tasmania's business operating environment in the international context

Our contribution as lead agency

Goal 10: Thriving and innovative industries driven by a high level of business confidence.

10.2.1 Ranking of Tasmania on the Competition Index

In comparison with other states and territories, Tasmania ranks most favourably in 11 of the 34 indices in The Competition Index 2006–07. Tasmania has the lowest labour costs (which include wages, payroll tax, fringe benefits tax, superannuation and workers compensation), the lowest land and accommodation costs; lowest level of industrial disputes; best port access; and lowest business licensing costs.

10.2.2 An improved credit rating should ensure greater confidence and increased investment in our State

The Department of Treasury and Finance facilitates presentations to each rating agency each year for the purpose of an annual ratings review. In 2001, Tasmania was rated AA- by Standard and Poor's and Aa2 by Moody's Investor Service. The most recent upgrade from Standard and Poor's, to AA+, occurred on 12 October 2004. Tasmania's most recent upgrade from Moody's Investor service, to Aaa, occurred on 20 December 2006.

Tasmania has therefore surpassed the 2005 Tasmania Together benchmark, and has already met the 2010 Tasmania Together benchmark.

Our contribution to other benchmarks

Goal 1. A reasonable lifestyle and standard of living for all Tasmanians

1.1.9 Number of Tasmanians who are long-term unemployed

In the year to 30 June 2008, 2 500 Tasmanians were classified as long-term unemployed (unemployed for at least 52 weeks), which was 26.1 per cent fewer than in the year to June 2007. This is a record low for this series, which started in September 1997 and is below the 2010 target of 2 800 persons. During 2007–08, 21.3 per cent of unemployed persons in Tasmania were classified as long-term unemployed, compared with 25.4 per cent in the 12 months to June 2007.

Goal 5. Vibrant, inclusive and growing communities where people feel valued and connected

5.7.1 Level of population growth

Tasmania's estimated resident population as at 31 December 2007 was 495 800 people – some 4 100 more (or 0.8 per cent higher) than one year earlier. Tasmania has recorded positive population growth for 26 consecutive quarters.

5.7.2 Proportion of 15 to 39-year-olds in the population

In the year to 30 June 2007 (the latest available data), 31.6 per cent of Tasmanians were aged between 15 and 39 years of age. While this proportion has been steadily declining since 1985-86 (when the proportion was 40.4 per cent), the rate of decline has decreased in recent years.

Goal 9. Increased work opportunities for all Tasmanians

9.1.1 Workforce Participation Rate

The ABS estimate of Tasmania's labour force participation rate (in original terms) for the year to June 2008 was 61.0 per cent, slightly higher than the 60.3 per cent recorded for the year to June 2007. However, the Tasmanian rate is below the equivalent national rate of 65.2 per cent, partly due to the higher proportion of Tasmania's working-age population in older age categories.