More than 27,000 Tasmanians have lost their jobs with the unemployment rate estimated to be 12 per cent due to the coronavirus, Premier Peter Gutwein has said.
But the Premier was at pains to point out that the state's coronavirus efforts were about saving lives, rather than money.
He discussed the economic impact of the pandemic during Tuesday morning's briefing.
The government will provide an economic and fiscal update on Friday, including a forecast for the current and upcoming financial years.
The unemployment rate and job loss figures were estimates for the end of the June quarter.
Mr Gutwein said the state's net debt could be $2 billion by the end of the 2020/21 financial year, and estimated a deficit this financial year "significantly north" of half a billion dollars.
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He said the reduction in GST revenue had been "massive".
"It will be a significant impact and will be something that we will have to work through sensibly and responsibly to ensure that we can rebuild our economy and our state's finances," Mr Gutwein said.
"Our fight against the coronavirus has not been about money. Our fight has been to save people's lives, and that will continue to be at the forefront of our thinking as we work through this.
"Right now we need to focus on keeping Tasmanians safe."
It remained unclear how much effect the partial easing of restrictions in the coming months could have on the state's economic outlook.
Mr Gutwein said "growing the economy" would be the best way to address the debt issue.
He acknowledged that the 10 person limit for restaurants, cafes, pubs and clubs might not suit all businesses, but he expected that it would provide some relief to the hospitality industry.
"We do not want to have a second wave, and no business would want to recapitalise only to be shut down at a later date," Mr Gutwein said.
He pointed out other countries that had eased restrictions, only to see a second wave.
Racing industry in talks to make a comeback
The government has received strong criticism from the racing industry over the shutdown, which was not in line with other states and territories.
Industry figures will meet with public health officials today, with a view to restarting trials on June 13.
Mr Gutwein said the purpose of the racing shutdown was to protect regional communities.
"The nature of the industry would bring people together at one location and then disperse them back into the regions," he said.
Tasmania has gone four days without a new coronavirus case, with 227 people tested on Monday.
Health Minister Sarah Courtney said this was not enough testing, and she wanted to see more Tasmanians tested. Anyone with respiratory conditions are urged to arrange a test via referral.