Tasmania has widely avoided the major impacts of the COVID-19 pandemic to stand at the head of the pack when it comes to economic performance in Australia.
The quarterly CommSec State of the States report, released today, declared Tasmania triumphant in the battle to recover from the impingements suffered across the country by the pandemic.
READ MORE: Second round of travel vouchers announced
Tasmania led the way on four of eight indicators for economic performance with strong showings in equipment investment, employment growth, population growth and dwelling starts.
Overall Tasmania led the way, but it was only the strongest performer in one category.
Tasmania blew the rest of the country away with equipment investment with its spend up 47 per cent on the previous year. This was well ahead of second placed South Australia at 15.6 per cent.
While the report was exceedingly positive about the position of Tasmania, it expressed a low rate of housing finance as being the state's biggest weakness.
Though expressed as a weakness, Tasmania's 63.7 per cent was still above the decade average for the same figure meaning Tasmanians have committed as much money to funding home-loans as ever.
The much vaunted HomeBuilder Scheme appeared to have reared its head the report with Tasmania taking the lead for the dwelling starts category sitting at over 60 per cent above the decade average.
However, the state was languishing when it came to construction work seeing a 4.7 per cent decrease on the decade average.
Jobs were also on the agenda in the report, and were another area in which Tasmania fared well.
When comparing unemployment rates with decade averages Tasmania was the best off with the report showing the unemployment rate of 4.5 per cent in Tasmania as a 12-year low.
As with jobs being up, wage growth was as well with the report noting a 2 per cent rise in wages across the quarter, but the two per cent increase was offset in some way by news home prices had jumped 20 per cent.
The exceeding positivity of the report was tempered by the fact the country remained at the will of the COVID-19 pandemic.
Tasmania, the state objectively so far impacted the least across most industries by the pandemic continued to reflect strong economic performance as a result, and the report said as much.
The success in suppressing the virus has meant Tasmania hasn't been forced to lock down its economy to the same extent as other economies although it has has to close borders.- CommSec State of the States
"[Looking ahead] much will continue to depend on COVID-19 case numbers and vaccination rates - the latter holding the key to restoring a sense of 'normality' and reducing both uncertainty and volatility."
The Tasmanian state government took the report as a resounding win and indication the Liberal government was firing on all cylinders.
"This is yet another positive endorsement of our plan to secure Tasmania's future," Premier Peter Gutwein said.
He said the showings in dwelling starts were a testament to the government's "construction blitz" and HomeBuilder programs.
The report noted the whole of Australia was performing "solidly" despite the virus and frequent border closures and lockdowns.
Still, Tasmania had held the mantle of the top performing economy in the country for the sixth consecutive quarter and the report said the state was "unlikely to give up top spot".
Our journalists work hard to provide local, up-to-date news to the community. This is how you can continue to access our trusted content:
Sign up for our newsletter to stay up to date.