Our state’s economic boom can be positive

THE strong economic performance of Tasmania provides a sense of optimism, that we could turn a corner and set up our state for a better future.

We should feel proud that we are able to attract investment, new residents and visitors to our beautiful island.

But we still have a long way to go before we can celebrate a good life for all Tasmanians.

Measuring and understanding the human experience and outcome of economic growth, not just the rate of growth is critical.

Our definition of economic success should be inclusive growth that benefits all Tasmanians, not just growth that assumes growth alone will achieve a better life for all.

As we consistently measure up well in the national rankings economically, now is the time to turn our focus to how we ensure the growth is sustainable beyond the traditional cycles we have previously seen.

Tasmania is not alone in experiencing strong economic growth that has not been matched by an improvement in the living standards of the general population, and in many examples, an actual decline in living standards.

For example the establishment of the Scottish Inclusive Growth Commission was in response to the impact of economic growth that was only benefiting a few.

The first comprehensive report released by the commission provides lessons highly relevant to the current ation in Tasmania.

For example it asserts four “high risk zones” as indicators of the unsustainable nature of economic growth if not addressed.

These align closely with current Tasmanian issues: 1) Entrenched long term unemployment 2) People cycling in and out of increasingly low secure, low paid and low skilled