NEARLY 700 jobs will be lost if the Tasmanian Forests Agreement is not implemented, according to a new socio-economic impact study.

Regional Australia Minister Simon Crean and Federal Environment Minister Tony Burke released the study today.

It predicts that 678 jobs will go if the agreement is not implemented. If it deal does go ahead, just 142 jobs will be lost.

Tasmania's Legislative Council is now examining the Tasmanian Forest Agreement Bill, which was passed last year by the House of Assembly but knocked back by the Upper House.

The forecast job losses would follow a tumultuous few years for the state's forestry industry.

Mr Crean said employment in the sector had already halved between 2006 and 2011 as a result of market forces, including the collapse of woodchip sales and subdued building activity.

Mr Burke said after decades of forestry conflict, the Gillard Government was supporting the community-led forestry agreement to deliver a sustainable future for Tasmania.

"This will be a future with secure jobs and some great conservation outcomes," he said.

The agreement would result in the conservation of 507,000ha of native forest and a guaranteed resource supply for sawmillers and processor Ta Ann.

Premier Lara Giddings urged the Legislative Council to take heed of the compelling evidence and make a decision on the legislation when Parliament returned in March.

"It portrays a stark choice," she said in a statement.

"If the deal is scrapped, as advocated by the Liberal Party, it is estimated that at least 678 direct jobs could be lost or 1900 when combined with indirect jobs.

"In contrast, the initial transition to a sustainable industry would result in 142 job losses, which will be mitigated by programs such as the saw-log buy-back and contractor assistance packages.

"That means over 500 jobs direct could be saved if the deal is implemented.

"It has now been over two months since Parliament debated this legislation and I believe there has been more than enough time to make a decision."

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