Almost 90 per cent of Australians could have been infected with the coronavirus if "far-reaching action was not taken", Premier Peter Gutwein says.
Mr Gutwein said the figure was based on modelling considered by National Cabinet and would equate to around 477,000 Tasmanians contracting COVID-19 and 29,400 being hospitalised.
However, those numbers were derived from national population projections and could be higher or lower because they do not take into account Tasmania's unique circumstances, such as its water border, dispersed population and older demographics.
"And given the older and more vulnerable Tasmanian population, the early and hard steps we took to protect the health of Tasmanians and to save lives, was vitally important," he said.
The figures were announced ahead of the state government's plans to release an updated report of Tasmania's economic and fiscal position on Friday.
The report will outline the impact of control measures taken to slow the spread of COVID-19 in Tasmania, which Mr Gutwein said caused "significant economic consequences".
"Yet, had these actions not been taken, both the health and economic crisis would have been significantly more far reaching," he said.
Mr Gutwein said Tasmania had been "somewhat buffered" by the COVID-19 "economic crisis" because it had the strongest growing economy in Australia and had closed borders early.
"The report will highlight that the strength of the Tasmanian economy and the State's Budget position, prior to the emergence of the COVID-19 pandemic, has been very important in shaping and supporting our response to the pandemic and will help ensure we can rebuild a stronger Tasmania," he said.
Mr Gutwein said the government would work with Tasmanians "to rebuild what we've lost, to recreate our strong growing economy, the jobs it supported and our way of life".