Victoria’s retail trade growth was the highest of all the states over the year to March 2018, confirming once again our status as the nation’s food and fashion capital.
Australian Bureau of Statistics (ABS) data released today confirms that Victoria’s retail trade grew by 5.5 per cent over the year to March – the highest of all the states and well above the national average of 3.1 per cent.
This equates to retail turnover of $80.2 billion across the year, accounting for 25.6 per cent of the national turnover.
Total retail turnover in Victoria for March was $6.8 billion – or 25.9 per cent of national turnover.
In addition, Victorian retail volumes grew by 0.9 per cent in the March quarter, and 4.8 per cent over the year – the highest growth of all states.
By comparison, national retail volumes grew by just 0.2 per cent in the March quarter, and 2.6 per cent over the year.
The key drivers of annual retail trade growth in Victoria include ‘clothing, footwear and personal accessories’ (10 per cent), ‘cafes, restaurants, and takeaway food’ (5 per cent) and ‘household goods retailing’ (4.9 per cent).
Quotes attributable to Treasurer Tim Pallas
“This is more good news for Victoria, more good news for job creation and more good news for businesses looking to prosper.”
“Victoria is the fastest growing economy in the nation, with more than 333,000 new jobs since we were elected – almost 200,000 of which are full time.”
Reviewed 19 August 2020