Confidence in the Victorian economy continues to strengthen ahead of Christmas, with Australian Bureau of Statistics (ABS) confirming that our state’s retail sales growth over the past year was the strongest in mainland Australia, Treasurer Tim Pallas said today.
In the past 12 months, the value of retail sales in Victoria increased by 5.4 per cent, equalled only by Tasmania - a stark contrast to the negative annual growth of -0.3 per cent during the 12 months from October 2011- October 2012.
The strong growth numbers are consistent with recent growth figures for Victoria across a broad range of key indicators that show Victoria's economic engine room has clicked up another gear.
Last month, the ABS confirmed Victoria's real gross state product of 2.5% was the highest of the non-mining states while Victoria experienced the strongest employment growth of all states in October with 26,100 jobs created.
Yesterday, the ABS reported goods exports were up 7.2 per cent - reaching a record $24 billion over the past 12 months. This compares with a 0.3 per cent increase for Australia as a whole.
For Victoria, exports were up 25.8 per cent to China, and 21.2 per cent to Hong Kong and were worth nearly $5.3 billion in total for the past year.
This positive news comes on the back of strong data from the Westpac Melbourne Consumer Sentiment Index which showed Victoria leads the country in terms of positive consumer sentiment.
With strong retail and export growth, the strongest employment growth in the country, steady economic growth and strong surpluses across the next four years, the Andrews Labor Government continues to take positive steps to return Victoria to its rightful position as the nation's leading state.
Quotes attributable to Treasurer, Tim Pallas
"Victorian families have every reason to be confident of the State's strong economy as we head towards Christmas.
“Confidence is clearly returning to Victoria after the four lazy, do-nothing years of the previous Government.
“While there is always more work to be done, the continuing stream of positive economic data is confirmation that the state is making solid and strong economic progress.
Reviewed 10 February 2021