The state is now in second spot for unemployment, reporting the fastest population growth in five years.

CommSec noted Tasmania’s second-place ranking for unemployment is due to its 5.8 per cent jobless rate, below the decade-averaged ‘normal’ of 6.1 per cent.

Tasmania leads Queensland, the Northern Territory and South Australia only narrowly in the unemployment rankings.

Alongside its strong unemployment figures, the state has retained fourth spot on housing finance, with commitments 8.9 per cent higher than the decade average. 

Population growth has boosted housing demand and shored up the job market, with annual growth of home loans strongest in Tasmania, up 8.3 per cent from Victoria’s 1.5 per cent.

However, dwelling starts were down 23.6 per cent from the decade average, while home prices were reported up 10.2 per cent in March; third behind New South Wales and Victoria.

In economic growth, Tasmania was up 10.3 per cent, behind South Australia’ 14.4 per cent increase and Queensland’s 16.0 per cent.

For retail spending Tasmania recorded 8.9 per cent growth, above South Australia with 7.8 per cent and the Northern Territory up just 5.4 per cent on the decade average.

CommSec reported business spending was “solidly below” decade averages in the quarter, with Tasmania’s spending down 28.0 per cent, beaten only by Western Australia’s down 35.1 per cent.

Likewise, construction work saw Tasmania drop to fifth in the rankings, “broadly” in line with the decade average.

Treasurer Peter Gutwein said the report showed Tasmania’s job creation performance was “very strong”.

“Since the election, 5,200 jobs have been created and the Hodgman Government is putting in place plans to create even more jobs,” he said.

“One of the features of the upcoming budget will be a strong focus on further economic growth and job creation.

“We will also be investing more into skills and training and building our workforce of the future by helping more Tasmanians get into an apprenticeship or traineeship.”

Opposition treasury spokesman Scott Bacon said remaining in fourth place showed Tasmania’s economy was “not performing to its full potential”.

“There’s been no significant investments in public infrastructure, no progress on renewable energy and no innovative reforms,” he said.

“The economy has bright spots but they have absolutely nothing to do with the current government.”