Victoria’s strong and thriving economy continues to attract solid private investment with new figures showing private capital expenditure was up 9.6 per cent over the year to December 2017.
The latest data from the Australian Bureau of Statistics (ABS) shows Victoria’s private capital expenditure growth more than doubled the nation’s, which grew at just 4 per cent during the same period.
Confirming the strength of investor confidence in Victoria’s economy, the ABS data showed total capital expenditure rose by 3.2 per cent in the December quarter alone, led by buildings and structures investment, which had the highest growth rate among the states at 6.6 per cent.
And in further good news for Victoria, data from the Australian Industry Group released today shows Victoria's Performance of Manufacturing Index (PMI) increased by 3.6 points to 55.3 points in February, despite a national fall of 1.2 points.
Victoria's PMI has now been in expansion for 13 consecutive months, which means more jobs, stronger communities and a more prosperous state for Victorians.
Quotes attributable to Treasurer Tim Pallas
“We’re working with the business community to create jobs, improve services and build the Victoria of the future.”
“Our prudent economic management is building confidence and investment, as we provide tax cuts for business and partner with them to build the infrastructure that Victorians need.”
Reviewed 19 August 2020