Tasmanian Labor has announced it will support the proposed Macquarie Point stadium in Hobart, all but assuring it will pass parliament.

Labor leader Dean Winter made the announcement on Monday afternoon, saying that "Labor has changed" and it will back the AFL stadium based on its promised construction jobs.

It is the main political hurdle to overcome for the stadium, meaning both the state Liberals and Labor are in favour, along with the federal Labor government.

Mr Winter said the party would continue to scrutinise the process — including Premier Jeremy Rockliff's promised $375 million spending cap — but would not stand in the way.

"A stadium will mean thousands of jobs in construction, including hundreds of apprenticeships," he said.

"Under my leadership, the Labor Party stands for safe, secure, well-paid jobs."

Mr Winter said the government should also consider the "stadium 2.0" proposal — a public-private project built further around the foreshore using reclaimed land.

In the last term of parliament, Labor had been steadfastly opposed to the Macquarie Point stadium, but did not vote against it  despite having an opportunity to do so.

Mr Rockliff welcomed Labor's change of position.

"Looking forward to working together to get this done."

The stadium is currently being assessed by Tasmania's Planning Commission, and will need to pass both houses of parliament when this work is finished, likely next year.

Labor and the Liberals have a combined majority in the lower house.

The weekend's upper house elections are still being counted, but Labor and the Liberals are likely to either have a majority of one, or a minority of one — depending on whether Labor win or lose Elwick.