Dark Horse Tasmania Could Offer High Growth Potential
Recent figures released by
the Australia Bureau of Statistics (ABS) show the lowest population growth in
the country is recorded in the island state of Tasmania. Statistics indicate
that more Tasmanians
left the state during the first quarter of the year than arrived there.
According to the ABS data, Tasmania saw a low population growth of 0.1 per cent. This compared to the national growth average of 1.8 per cent. In other words, the state's population which is just over 512, 000 saw an addition of only six hundred people. Explaining the dynamics of the population figures in Tasmania, ABS director of demography, Bjorn Jarvis told ABC News that the low growth average was mainly due to young people leaving the state. "Tasmanians particularly in their 20's and 30's are leaving Tasmania to go and live and work in other states and territories before coming back to Tasmania later in life," Mr Jarvis told ABC News.
Tasmania's
resources sector has been much smaller compared to the boom experienced in
other regions like Western Australia and Queensland where investments have been
channelized.
But
that trend may change soon, if a recent report entitled, "Positioning for
Prosperity? Catching the next wave," by consulting firm Deloitte is to be
believed. The Deloitte study finds that after having struggled for over a decade,
the economy of the state could begin to look up over the next 20 years.
Deloitte
identifies five super-growth sectors which hold the key to Australia's future
prosperity. The report says that these five sectors are worth an extra $250
billion to the national economy over the next 20 years period. These include
resources (gas), agribusiness, tourism, education and wealth management.
Tasmania
is not well position to benefit from the potential in the gas sector, says the
Deloitte report. The state, however, has core advantages in agribusiness,
tourism and education, and wealth management sectors.
During the first wave of economic growth, Asia saw a peak in demand
for resources, however, accordingly to the Deloitte report, the coming decades
will see growth in demand for high value food products in which the State
specialises.
The state can also expect to grow its tourism industry
exponentially in the next two decades provided it can get airline capacity in
order.
In the education sector, most of the universities outside the
state have a greater percentage of international students. A rapidly growing
middle-class in Asia, offers Tasmanian institutions an opportunity to expand
from the current proportion of one in 10 global students studying in the state.
Deloitte, finds similar potential in Tasmania in the wealth
management industry, which although small presently, offers good growth
potential.
Considering, its projected growth, Tasmania will be a state
to look out for, in the coming years.
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