A sense of confidence and optimism continues to colour the Victorian economy, with consumer sentiment numbers and housing finance data showing Victoria performing strongly.
Victorian consumer sentiment rose sharply by 6.2 per cent to 105.6 per cent in May, according to the latest Westpac Melbourne Institute (WMI) survey.
Victoria currently has the second highest consumer sentiment of all mainland states with the index 5.7 per cent higher than its value a year ago.
Since the Andrews Labor Government was elected in November 2014, Victoria’s consumer sentiment has surged 14.3 per cent – the highest of all states – and more than double the national increase of just 6.9 per cent.
The WMI survey reflects current consumer sentiment regarding a range of components including family finances, economic conditions and labour market outlooks.
Today’s strong results for Victoria were further backed up by the latest Australian Bureau of Statistics (ABS) housing finance data for March which showed Victoria was one of just two states to see an increase in housing loans to owner occupiers.
During the past year, Victoria has had the healthiest growth in housing loans to owner occupiers, with an 8.3 per cent increase compared to national growth of just 3.8 per cent.
Quotes attributable to Treasurer Tim Pallas
“Consumer sentiment and the housing market have both risen sharply since the Andrews Labor Government was elected. As has jobs growth, with 112,600 jobs created since we took office.”
“From day one, we’ve worked tirelessly to restore Victoria’s optimism and confidence.”
“Today’s good news comes on the back of the recent state budget, which delivered strong surpluses and increased funding for vital projects, hospitals, schools and transport.”
Reviewed 19 August 2020