The 2018-19 Budget Update released today shows Victoria remains the engine room of the national economy, creating hundreds of thousands of jobs and ensuring the state’s growing prosperity is shared by all Victorians.
The Andrews Labor Government is delivering on its promises – building new schools and hospitals, investing in public transport and roads, making communities safer and helping businesses to grow and thrive.
The Budget Update shows Victoria’s economy continues to lead the nation, growing 3.5 per cent in 2017-18 – the strongest increase of all the states and well above national growth of 2.8 per cent.
A strong economy means more jobs. Victoria’s dynamic economy has created 389,000 new jobs – almost three quarters of them full time.
Unemployment is now at a seven-year low. Importantly, jobs growth has been spread broadly across the state through industries and regions, driving the regional unemployment rate to a record low of 4.4 per cent.
The Labor Government’s clear and responsible fiscal strategy, and sound management means Victoria’s finances are in excellent health.
The Labor Government has achieved surpluses averaging $2.2 billion over the past four years and maintained Victoria’s triple-A international credit rating.
In 2018-19, the Labor Government’s infrastructure investment is projected to reach $13.4 billion and average $10.6 billion a year over the budget and forward estimates – more than double the average of $4.9 billion a year from 2005-06 to 2014-15.
Quotes attributable to Treasurer Tim Pallas
“For the past four years, the Andrews Labor Government has been unrelenting in its efforts to build a strong economy and deliver the infrastructure and services Victorian families need.”
“We’re maintaining healthy budget surpluses while improving the living standards of Victorians through a record infrastructure spend and progressive policies that make Victoria a better and fairer place to live.”
Reviewed 19 August 2020