Victoria continues to outshine the rest of the nation as the place where people want to live, with the state’s population growth coming out on top in today’s CommSec State of the States report.
Victoria was also listed as number one for housing finance, underlining overall confidence in the property market. The key indicator is up by 11.9 per cent in Victoria, on the long-term average.
Overall, our economic performance remains solidly in second spot – a position we’ve held for seven consecutive quarters. The report did note that Victoria may challenge for top spot over the coming year.
Retail trade and business investment were listed as significant factors in Victoria’s thriving economy, with the report listing the key indicators in second position. The state also ranked third in construction work and dwelling starts.
Each quarter CommSec examines the performance of the states against eight key indicators: economic growth, retail spending, equipment investment, unemployment, construction work done, population growth, housing finance and dwelling commencements.
CommSec’s report findings complement the Australian Bureau of Statistic (ABS) data released last week, showing more people than ever before are employed in Victoria – with almost 200,000 new jobs created since the Andrews Labor Government came to office in November 2014.
ABS also confirmed that the annual pace of total and full-time job creation in Victoria, continues to lead the nation.
Victoria’s labour market is expected to remain robust, with recent trends in leading indicators of employment growth, indicating solid job growth is likely to continue.
Quotes attributable to Acting Treasurer Robin Scott
"With jobs growth that continues to lead the nation, the Andrews Labor Government’s policies are growing our economy – and making our state the place people want to call home."
"Our unprecedented investment in roads and transport, hospitals and schools is paying dividends – driving the state’s economy, which has created almost 200,000 new jobs since November 2014."
Reviewed 19 August 2020