Victoria is leading the nation with bumper building growth and a solid boost to the state’s thriving international goods trade, reflecting Victoria’s position as the nation’s powerhouse economy.
Australian Bureau of Statistics data released today shows the value of Victoria’s building approvals totalled $41.4 billion for the twelve months to March – the highest in Australia and contributing nearly a third (32.7 per cent) of the entire value of the nation’s building approvals.
Victoria’s building approvals for March 2018 alone were valued at $3.54 billion – the highest total value of all the states.
This figure also represents a 7.7 per cent growth in the value of Victorian building approvals during the month of March – a stark contrast to the 21.4 per cent decrease across the border in New South Wales.
Nationally, building approvals also decreased over the month.
Meanwhile, Victoria’s international trade grew significantly with a boost of 8.8 per cent in the year to the March quarter – representing the strongest growth of all mainland states.
Nationally, international trade growth was up just 3.2 per cent during the year.
Quotes attributable to Treasurer Tim Pallas
“Today’s ABS data is further confirmation of the Andrews Labor Government’s strong economic management and that we are getting things done for all Victorians.”
“While other states are going backwards, Victoria’s economy continues to power forward – it’s why our state continues to be a great place to invest and do business.”
Reviewed 19 August 2020