| Goal 10: Thriving and innovative industries driven by a high level of business confidence |
| Benchmark | Initiative | What has been achieved this year (2010–11) |
10.2.1
Ranking of Tasmania on The Competition Index | To improve the State’s ranking | As more data have become available from industry regulators and the Productivity Commission, there has been less need to produce the Competition Index and it has been discontinued.
Alternative benchmarks have been recommended to the Tasmanian Together Progress Board as part of the Tasmania Together Ten Year Review. |
10.2.2
Credit Rating | An improved credit rating to 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 Investors Service. The most recent upgrade from Standard & 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 met the 2010 Tasmania Together benchmark.
The benchmark for 2015 is to achieve a rating of Aaa with Moody’s Investors Service and AAA with Standard & Poor’s. |
| Goal 1: A reasonable lifestyle and standard of living for all Tasmanians |
| Benchmark | What has been achieved this year (2010–11) |
1.1.9
Number of Tasmanians who are long-term unemployed | In the year to June 2011, the ABS estimated that 2 900 Tasmanians were classified as long-term unemployed (unemployed for at least 52 weeks), which was unchanged from the figure for the year to June 2010. This is slightly above the 2010 target of 2 800 persons.
The next target benchmark is for the number of long-term unemployed persons to decrease to 2 300 persons by 2015. |
| Goal 5: Vibrant, inclusive and growing communities where people feel valued and connected |
| Benchmark | What has been achieved this year (2010–11) |
5.5.1
Percentage of 15 to 19 year olds not employed or in education | In the year to June 2011, the ABS estimated that 7.2 per cent of Tasmanian 15- to 19-year olds were not employed or in full-time education. Although this is better than the national average of 9.0 per cent, it was slightly above the 2010 benchmark of 7.0 per cent.
The 2015 benchmark is 5.0 per cent. |
5.7.1
Level of population growth | Tasmania's estimated resident population as at 31 December 2010 was 509 292 people – 3 915 people (or 0.8 per cent) higher than one year earlier. Tasmania has recorded positive population growth since the September 2001 quarter. While population growth has been strong for Tasmania, it is around half that of the national growth rate, which is the Tasmania Together long-term benchmark. |
5.7.2
Proportion of 15 to 39 year olds | In the year to 30 June 2010 (the latest available data), 31.0 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.
The Tasmania Together benchmark is the national average. Currently, Tasmania is 4.7 percentage points below the national level. |
| Goal 9: Increased work opportunities for all Tasmanians |
| Benchmark | What has been achieved this year (2010–11) |
9.1.1
Workforce participation rate | The ABS estimate of Tasmania's labour force participation rate (in original terms) for the year to June 2011 was 61.1 per cent, up slightly from 60.9 per cent for the year to June 2010. The Tasmanian rate is below the equivalent national rate of 65.7 per cent, partly due to the higher proportion of Tasmania's working-age population in older age categories. This works against the Tasmania Together goal of Tasmania’s participation rate reaching the national level. |
9.1.2
Extent of underemployment | The ABS estimated that in the September quarter 2010 there were 20 600 underemployed workers in Tasmania. This represented an underemployment rate of 8.8 per cent, up from 7.1 per cent in the September quarter 2009. The Tasmania Together target in 2010 for this benchmark was 5.0 per cent.
The 2015 benchmark for underemployment is an underemployment rate of 4.0 per cent. |
9.1.4
Tasmanian average weekly earnings as a proportion of national average weekly earnings | In the June quarter 2011, the ABS estimated that Tasmanian full-time adult ordinary time earnings in trend terms represented 88.3 per cent of the equivalent Australian rate. This is below the 2010 target of 92.0 per cent.
The 2015 target is for Tasmanian full-time adult ordinary time earnings to be 96.0 per cent of the national level. |
| Goal 10: Thriving and innovative industries driven by a high level of business confidence |
| Benchmark | What has been achieved this year (2010–11) |
10.3.1
Growth in Gross State Product | On the basis of ABS estimates of GSP, Tasmania's economy grew by 0.4 per cent in 2009–10 (in real terms), following a 3.4 per cent increase in 2008–09. Tasmania has had a higher growth rate than Australia in three of the past five years.
The Tasmania Together benchmark for GSP is annual growth of at least 3.5 per cent by 2015. |
10.4.1
Export value | The ABS estimated that in real terms, the volume of Tasmania's international exports in 2009–10 was $3.63 billion, a decrease of 8.1 per cent over the figure for 2008–09. The higher value of the Australian dollar created difficult conditions for Tasmanian exporters. The 2010 target of 5.0 per cent growth in exports has not been met.
The 2015 target for the benchmark is 6.0 per cent. |
10.4.2
Investment | Total private and public investment in 2009–10 was $5.66 billion in real terms, a decline of 7.2 per cent on the level for 2008–09. This is below the 2010 benchmark of 2.0 per cent annual growth. The decline in 2009–10 is due to the impact of the global economic downturn on investment.
The 2015 target for the benchmark is 4.0 per cent annual growth. |
10.6.1
Level of Tasmanian business confidence | The TCCI's Tasmanian Survey of Business Expectations reported that, in the June quarter 2011, businesses expectations of economic conditions in the State over the next 12 months weakened, with the index falling 6 index points to 22. The national figure increased by 5 index points, to an index rating of 57.
The Tasmania Together benchmark is for Tasmania to have a consistently higher level of business confidence than the national average. As a result of recent declines in business confidence, these levels were not met. |
