Victoria is the only jurisdiction in Australia with above trend economic growth and improving momentum, according to the latest ANZ Stateometer report.
Released today, the report shows Victoria’s economic wellbeing continued to trend upward in January and now sits at its highest level since November 2010 – well above its long-run average.
This follows yesterday’s Australian Bureau of Statistics (ABS) Labour Force figures, which showed more than 200,000 jobs had been created in Victoria since the Andrews Labor Government was elected. This figure included 117,400 full time jobs.
The ABS confirmed Victoria was the only state in the nation to record an increase in employment during February.
The ANZ Stateometer report says a solid pickup in the housing sector, ongoing strength in the labour market and improving economic conditions are driving Victoria’s dynamic growth.
The ANZ indicated Victoria’s economic drive was likely to continue, with the index expected to further improve in the February report.
By comparison, while the report noted improving momentum in a number of states, the overall index for Australia remained below trend.
The ANZ Stateometer is a measure of economic performance across states and territories. It synthesises 37 monthly indicators, covering labour market conditions, household and business activity, housing and trade.
Quotes attributable to Treasurer Tim Pallas
“With Victoria’s AAA-rated economy, a strong pipeline of infrastructure investment and 200,000 jobs created since November 2014, our state is leading the nation.”
“With cranes in the sky and boots on the ground thanks to our enormous infrastructure investment, alongside new schools and hospitals, it once again means something to be a Victorian.”
Reviewed 19 August 2020