|
Options
Our DepartmentOur PerformanceOur PeopleSupporting InformationFinancial Statements |
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 12 of the 35 indices in the Competition Index 2007–08. Tasmania has the lowest labour costs (which include wages, payroll tax, fringe benefits tax, superannuation and workers compensation), the lowest land and accommodation costs; the lowest level of industrial disputes; lowest level of labour turnover; and the best port access. 10.2.2 An improved credit rating should ensure greater confidence and increased investment in our State The Department of Treasury and Finance prepares presentations to each rating agency each year for the purpose of an annual ratings review. In 2001, Tasmania was rated AA- by Standard & Poor’s and Aa2 by Moody’s Investors 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 Investors 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 1.1.2 Proportion of households where primary source of income is Government pensions and allowances According to the Australian Bureau of Statistics (ABS), in 2007–08, Government pensions and allowances were the primary source of income for 34.1 per cent of Tasmanian households, which is very close to the 2010 target of 34 per cent. 1.1.9 Number of Tasmanians who are long-term unemployed In the year to 30 June 2009, 2 160 Tasmanians were classified as long-term unemployed (unemployed for at least 52 weeks), which was 14.7 per cent fewer than in the year to June 2008. This is well below the 2010 target benchmark of 2 800 persons and means that this benchmark has already been achieved. Goal 5: Vibrant, inclusive and growing communities where people feel valued and connected 5.5.1 Percentage of 15 to 19-year-olds not employed or in education In June 2009, the ABS estimated that 15.8 per cent of Tasmanian 15 to 19-year-olds were not employed or in full-time education. This is more than double the level of the 2010 target of 7 per cent. The equivalent national figure for June 2009 was 16.3 per cent. 5.7.1 Level of population growth Tasmania’s estimated resident population as at 31 December 2008 was 500 278 people – some 4 901 more (or 0.99 per cent higher) than one year earlier. Tasmania has recorded positive population growth for 29 consecutive quarters at an average of 0.8 per cent over the past 5 years. While growth has been positive, the 2010 target is for population growth at the national rate, which has averaged 1.6 per cent over the same period. 5.7.2 Proportion of 15 to 39-year-olds in the population In the year to 30 June 2008 (the latest available data), 31.4 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. In order to reach the 2010 target of the national average share of 35.3 per cent, Tasmania would need to grow its proportion of the population aged 15 to 39. 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 year-average original terms) for the year to June 2009 was 61.9 per cent, higher than the rate of 61.1 per cent recorded for the year to June 2008. However, the Tasmanian rate is below the equivalent national rate of 65.4 per cent, partly due to the higher proportion of Tasmania’s working-age population in older age categories. Tasmania’s participation rate would therefore need to increase significantly to meet the 2010 target of participation at the national average rate. 9.1.2 Extent of underemployment The ABS estimates that in the August quarter 2009, the trend underemployment rate was 7.7 per cent in Tasmania, up from 5.3 per cent in the August quarter 2008. Nationally, the equivalent rate was 7.9 per cent in the August quarter 2009, up from 6.0 per cent in the same quarter the previous year. The 2010 target benchmark is 5 per cent. 9.1.4 Tasmanian average weekly earnings as a proportion of national average weekly earnings In the June quarter 2009, the ABS estimated that Tasmanian full-time adult ordinary time earnings represented 89.9 per cent of the equivalent Australian rate, down marginally from 90.0 per cent in the June quarter 2008. The 2010 target for this benchmark is 92 per cent.
10.3.1 Growth in Gross State Product On the basis of ABS estimates of GSP, Tasmania’s economy grew by 3.4 per cent in 2007–08 (in real terms), following a 2.2 per cent increase in 2006–07. Tasmania’s growth rate has been below the national rate for the past three years. Estimates of Tasmania’s GSP can be very volatile and can be revised significantly in subsequent years. In 2007–08 the 2010 target of 3 per cent growth was achieved according to the estimates made by the ABS in December 2008. 10.4.1 Export value The ABS reports that in nominal terms Tasmania’s international exports decreased by 4.1 per cent to $3.5 billion in the year to June 2009. This compares with a national growth rate of 27.4 per cent over the same period. In real terms, the value of Tasmania’s international exports in 2008–09 was $3.9 billion, an increase of 1.9 per cent from 2007–08. The impact of the global financial crisis on Tasmania’s major trading partners has negatively impacted on the value of exports in 2008–09. The 2010 target benchmark of an increase in exports of 5 per cent was therefore not achieved in 2008–09. 10.4.2 Investment ABS data shows that private and public investment in Tasmania in the year to June 2009 totalled $5.7 billion in real terms and has increased an average of 6.1 per cent each year in real terms in the past 5 years. This is the highest level of investment recorded in the series to date and means that the target benchmark of 2 per cent has been achieved. 10.6.1 To increase business confidence The Tasmanian Chamber of Commerce and Industry’s Tasmanian Survey of Business Expectations reported that, in the June quarter 2009, 33.6 per cent of businesses expected economic conditions in the State to remain strong or improve over the next 12 months. This was lower than the equivalent expectations index for the national economy, of 35 per cent. While an index score under 50 indicates an anticipated weakening of economic conditions, a large number of Tasmanian businesses still expect economic conditions in the State to remain strong over the next 12 months. The 2010 target benchmark, which is to have a level of business confidence consistently better than the national average level, was not reached in the most recent business confidence survey. Benchmarks not progressed during 2008–09 because of the unavailability of current data for the indicator: 1.1.8 Proportion of retired Tasmanians who rely on Government pensions or allowances as main source of income In 2007–08, it was estimated that 44.7 per cent of Tasmanians rely on Government pensions or allowances as a main source of income. A further 27 per cent of Tasmanians rely on Government pensions or allowances for over 90 per cent of their income. Information on this indicator as it relates to retirees is no longer provided by the Australian Bureau of Statistics. |
|
