Jeremy Rockliff announced on Sunday he would take over the state development portfolio, later saying he would also don the titles of minister for the Antarctic, and tourism and hospitality combined.
The premier retains his roles of minister for trade and mental health and wellbeing.
Nic Street has been appointed minister for stadia and events in the reshuffle, as well as housing and construction.
Senior MP Guy Barnett will take on the premier's dropped health portfolio.
"Coupled with the changes I announced last week to take the politics out of planning, my message is loud and clear that my Liberal government backs economic growth and job creation," Mr Rockliff said in a statement.
"A confident and strong economy means we will have the resources to invest in things like cost of living relief, health and housing - making our state the best place to live, work and raise a family."
Mr Rockliff said Tasmania's economy was "leading the pack" nationally but the state wasn't immune to global and domestic economic headwinds.
Threats posed by inflation, rising interest rates and a slowdown in the national economy prompted him to take on the state development portfolio and therefore to have direct responsibility for the Department of State Growth within it, he said.
Mr Barnett previously held the state development minister title.
The premier said there was enormous potential to grow the state's Antarctic industry as Tasmanians were leaders in science, research, logistics and service capabilities.
It was important to bring the tourism and hospitality roles back together as economic powerhouses, Mr Rockliff said.
The premier flagged a shuffle in ministerial roles last week, conceding his minority government had been "knocked off course" by the departure of two MPs to the crossbench over Hobart's contentious stadium plans.
The government plunged into minority on May 12 when Lara Alexander and John Tucker quit the party to become independents.
They raised concerns around transparency over the proposed $715 million waterfront venue, a condition of the AFL granting Tasmania a licence for a team.
The AFL has said the state cannot have a team without the stadium, which still faces two votes of both houses of parliament and a planning commission assessment.
In Sunday's reshuffle announcement, Mr Rockliff said Jo Palmer would take on the community services and development portfolio, while Madeleine Ogilvie would be the minister for women and prevention of family violence.
Felix Ellis has been appointed Racing Minister.
24°C