Australia Economic Strategy Report Australia Economic
Strategy Report
Chapter 1

Macroeconomic overview

Tasmania, the island state of Australia, has a share of 2% (valued at AUD 30.2 billion, USD 20.23 billion) towards the country’s GDP, as of June 2018. Australia’s smallest state, the island has a population of 0.5 million Australians.55 The state’s capital city is Hobart. The major industries of Tasmania are agriculture and tourism.

Tasmania is known for its supply of seafood that includes the wild abalone and crayfish. Crayfish, being one of the largest species of rock lobster in the world, is highly valued in the Northern Pacific market.56

The Government of Tasmania is inviting investments in tourism infrastructure, mining exploration, food processing, research in pesticide and bio-security, renewable energy, logistics, science, etc...

In 2016, Tasmania drafted a roadmap to strengthen its ties with South Asia, specifically India and Sri Lanka. This strategy lays focus on growing education and skill development exchanges with India, increasing tourism, improving exports of goods and services from the country and collaborating on technical expertise in aquaculture, energy, high-value manufacturing, etc.57 It has identified New Delhi, Mumbai and Kerala as the target markets for collaboration.

A more up-to-date policy reference is available in the Tasmanian Trade Strategy 2019-2025, which identifies India as a priority market for focused /sector specific engagement.

55 Source: ABS
56 Industry Reports
57 Tasmania: Prospectus for South Asia