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Victoria Consolidates Position As One Of Nation’s Best Performing Economies

25 October 2015

While there is still more work to be done, the Victorian economy continues to be one of the best performing in the country, Treasurer Tim Pallas said today.

His statements echo the findings in the CommSec State of the States report, which is produced on a quarterly basis and tracks how each state and territory economy is performing. The report found that the Victorian economy has consolidated its position as the number two economy in the country, a spot it rose to in the last report in July.

The report found that Victoria’s main drivers are population growth, housing finance and dwelling starts.

The report also found that there is little to separate NSW from Victoria and both economies look set to maintain their gap from the other economies.

CommSec’s findings are consistent with the latest Deloitte Access Economics Business Outlook report (September), showing a forecast for the Victoria’s unemployment rate of 6.0 per cent in 2015-16. This is expected to be the equal lowest of all states (along with New South Wales), and that it will continue to edge slowly downward over the next few years.

The Andrews Labor Government continues to take positive steps to grow jobs in the economy. It has established the Premier’s Jobs and Investment Panel, an independent body of business and industry leaders who will provide advice on how best create high-skill, high-wage jobs.

The Labor Government also recently provided a boost to the Back to Work program, increasing payments to employers who take on disadvantaged, retrenched or long term unemployed and give them a second chance.

The Government has also invested $500 million in a Regional Jobs and Infrastructure Fund, and within it, a $200 million Regional Jobs Fund to support projects to give established industries a real future and emerging industries a real chance.

Under this Government, more than 45,000 new jobs have already been created and unemployment has fallen from 6.8 to 6.2 per cent.

Quotes attributable to Treasurer Tim Pallas

"The Victorian economy continues to get the runs on the board, and while there is still work to be done, these reports show that we’re picking up the pace after four years of Liberal inactivity, and getting on with the job of growing Victoria.”

“We said we wouldn't waste a day, and we’re not. Our forward thinking initiatives - like the Premier’s Jobs and Investment Panel and enhancing our Back to Work scheme - will help Victorians become apprentices, trainees and build careers.”

Reviewed 19 August 2020

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