Tasmania faces a number of economic challenges. The state’s rate of economic growth is significantly below the Australian average. Unemployment is relatively high, productivity is relatively low, as are rates of higher education attainment and population growth.
Hobart’s CBD lacks the scale and diversity necessary to support strong population and economic development in high-value industries. Increased densification and urban development in Hobart’s CBD, coupled with development of science, technology, engineering and mathematics-related industries, may help attract new industries to locate in Hobart. This could, in turn, help increase economic and population growth.
The University of Tasmania’s existing science, technology, engineering and mathematics facilities at the Sandy Bay campus are fragmented, and nearing the end of their usable life. The facilities struggle to attract Tasmanian students, and have very limited appeal to interstate and international students. The facilities lack the modern technical infrastructure that characterises a high-end research environment.