Tasmania's economy consists of several different contributors, mostly exports, that provide wealth and income to natives. The top ten contributors to Tasmania's economy include:
1. Processed metals (more than 1.3 billion Australian dollars per year)
2. Tourism
3. Manufactured goods (textiles, machinery, etc.)
4. Wood and paper
5. Ores (copper, zinc, lead, etc.)
6. Seafood
7. Meat
8. Dairy products
9. Other food and drink (fruit, vegetables, chocolate, beer, wine)
10. Information and Communications Technology Services
Although living on the island is relatively cheap, especially in
comparison to living on the mainland, many of Tasmania's resources are
controlled by monopolies, much to the dismay of the average Tasmanian
consumer since monopolies will reduce the overall consumer surplus. Tasmania is still recovering from a recent economic downfall, but seems to be doing so at a slower pace than the rest of the country. However, prospects are still high for the country's recovery process as unemployment has been falling even though the population has been growing. In fact, Tasmania's public sector generates the most demand due to the substantial number of government job positions.
-Jessica Tam
Works Cited:
1. http://www.tasmaniatopten.com/lists/economic_contributors.php
2. http://www.abc.net.au/news/2014-07-21/signs-of-recovery-in-tasmanian-economy-after-rotten-run/5610626
Jessica, awesome post about the economy of Tasmania. I would assume that the percent of agriculture production making up the GDP is going to grow quite a bit over the next few decades, as the Prime Minister makes a push toward irrigation technologies on Tassie's farms!
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ReplyDeleteDo you know what was the cause of the economic downfall in Tasmania? What is the government doing to avert this in the future?
ReplyDeleteRehan
Fun stuff! I will be presenting on this and more :D
ReplyDeleteFun stuff! I will be presenting on this and more :D
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