High unemployment a handbrake on recovery

Release Date: 17/12/2020
The TCCI has warned that high unemployment could be a handbrake on Tasmania’s economic recovery.
TCCI CEO, Michael Bailey, said that while it’s clear economic momentum had been building since border restrictions were eased, it may stall if unemployment remains high.
“Tasmania’s business community is hoping that this summer will see our economy turn a corner.  There is a lot of good will and confidence about at the moment but we need to see the unemployment rate lower to sustain that,” Mr Bailey said.
“Unfortunately, today’s ABS stats show that Tasmania’s unemployment rate is the highest of any state.  We’re even behind Victoria, where the impacts of the prolonged lockdown are still being felt.
“Many businesses rely on strong local demand and high unemployment is real wet blanket.  When people work more, they spend more and that supports the local economy. 
“The business community is playing its part, it’s up to the Government to do its bit.  To support confidence, job creation and economic growth the Government needs to make good on its commitment to spend record amounts on job-creating infrastructure over the next few months as promised.”

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