Victoria is the only state in Australia with above trend growth, boosted by a strong labour market creating jobs for Victorians, according to the latest ANZ Stateometer report.
The October report, released today by ANZ, shows Victoria is the only state with accelerating economic momentum – and that there are no signs of easing.
The report says a similar result is expected for the November index with the labour market and household sector continuing to post gains.
Since November 2014, the Victorian economy has added more than 184,000 new jobs – with more than 93,000 of those full-time.
Recent data from the Australian Bureau of Statistics (ABS) confirmed that Victoria’s jobs growth is the best in the nation.
Similarly, while economic activity has moderated for most states in the year to October, Victoria’s economy continues to defy the national trend.
This is consistent with the 2016/17 Budget Update released yesterday, which showed Victoria’s economy continuing to grow above trend as the Andrews Labor Government continues to deliver the infrastructure, jobs and services Victorians need.
This is also underlined by ABS data which showed that Victoria’s economy is growing faster than it has in almost a decade.
The November ABS data showed that for the 2015-16 year, Victoria’s gross state product (GSP) grew by a strong 3.3 per cent, up from 2.6 per cent for 2014-15 and well up on the miserly 0.8 per cent achieved by the Liberal Government in 2013-14.
Quotes attributable to Treasurer Tim Pallas
“This is further proof that our investment in our people-powered economy is creating jobs, and keeping Victoria’s economy on track for continued growth.”
“In two years, we have created more than 184,000 jobs. That’s 184,000 opportunities for Victorians to build a better future for themselves and their families.”
Reviewed 19 August 2020