Northern Tasmania Development Corporation chief executive Mark Baker said there were several initiatives in the Federal Budget that would help stimulate Tasmania’s economic recovery such as the JobMaker Hiring Credit, tax relief and instant asset write-offs.
“The Budget has provided incentives for business to invest and for consumers to spend and that will be contingent on business and consumer confidence,” Mr Baker said.
Mr Baker said it was particularly pleasing to see a focus on sovereign manufacturing in areas where Tasmania has or could have a competitive advantage.
“There is clearly a desire for more local manufacturing and local purchasing at all levels. Business wants Australian-made products in its supply chain and consumers want locally made products in their shopping basket,” he said.
“Northern Tasmania is well placed to take advantage of that desire in manufacturing areas the federal government has identified such as food and beverage, recycling and clean energy and the defence industry.”
Mr Baker said a focus on circular economy principles, mental health support, female workplace participation and regional Australian tourism recovery was also welcomed.