Victoria’s economy continues to go from strength to strength, with more jobs created in our state than the rest of the country combined, according to a new report by Deloitte Access Economics (DAE).
DAE today revised its forecasts for Victoria’s economy, predicting greater than anticipated growth in 2017-18, underpinned by strong household consumption and private engineering investment.
It makes clear that almost all of the jobs created in Australia over the past year were created right here in Victoria.
The report confirms Victoria is “awash” with transport infrastructure projects with more than $48 billion of engineering activity planned or underway, which in turn is generating population growth and creating jobs.
The report also backs the strong infrastructure pipeline of the Andrews Labor Government – including building the Metro Tunnel, the West Gate Tunnel, and removing 50 of our most dangerous and congested level crossings – all of which create jobs and drive more economic activity and productivity.
DAE notes Victoria “invested earlier and better in infrastructure than much of the rest of Australia. In turn, that made house and land packages on the outskirts of Melbourne rather more affordable than their equivalents in Sydney and Brisbane and Perth”.
This is consistent with the strong action taken by the Labor Government on housing affordability, as it seeks to level the playing field for first home buyers.
DAE notes a lower exchange rate and higher population growth are assisting Victoria’s economic growth with the State’s manufacturing, education and farm sectors all benefitting.
Quotes attributable to Treasurer Tim Pallas
“This is yet more independent confirmation that the Andrews Labor Government’s record breaking infrastructure agenda is contributing directly to more jobs and economic growth across Victoria.”
“After four lazy and wasted years under the previous Liberal Government, Victoria is once again the jobs state and the engine room of the national economy.”
“This jobs growth is happening while we continue to invest in the services that matter to Victorians, including better schools and classrooms, more nurses and paramedics, and more police.”