Victoria’s economy is now the only state in Australia with above trend economic growth and improving momentum, according to the latest ANZ Stateometer Report.
The December report, published today by ANZ, highlights the on-going strength in the Victorian labour market which is continuing to support the State’s strong economy.
This coincides with the latest jobs numbers, released today by the Australian Bureau of Statistics (ABS), which showed Victoria’s unemployment rate fell to 5.7 per cent in January, well down from the 6.6 per cent inherited from the previous government.
Since the Andrews Labor Government was elected in November 2014, more than 188,000 new jobs have been created, 107,000 of which are full time.
In the past twelve months, the Victorian economy has created 112,800 new jobs – 60,000 of which were full-time – to be leading the nation in jobs growth. This is more jobs than the previous government created in four years.
The ANZ Stateometer reported that strong business conditions are also contributing to the state’s above trend growth.
This was similarly reinforced in the NAB Monthly Business Survey released earlier this week, which showed that Victoria’s business confidence increased by 3 points to +12 – the highest of the states.
The ANZ Stateometer predicts that growth in Victoria will continue, with next month’s results expected to be higher.
Victoria remains one of two Australian states to hold a triple-A rating from both major credit rating agencies, with our finances in a strong and sustainable position.
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
“Victoria’s strong AAA-rated economy continues to outperform the nation on a number of fronts, with strong economic activity and jobs growth creating opportunities for Victorians.”
“Sound investments and our strong infrastructure pipeline have helped create more jobs in the past year than the previous Government created in four years.”
Quotes attributable to Minister for Industry and Employment Wade Noonan
“We are delivering on our promise to Victorians – growing a strong economy that bolsters jobs growth and creates opportunities for all.”
“This Labor Government continues to support Victorian jobs – and we are changing people’s lives for the better.”
Reviewed 19 August 2020