Victoria’s economic growth, its pace of construction, and new-home starts, have powered it to the top of Australia’s economic performance table.
The latest CommSec State of the States report released today shows Victoria leads the nation, following an analysis of key economic indicators, including retail spending, unemployment and housing finance.
Victoria’s economic activity during the March quarter was 26.5 per cent above its decade-average level of output, with the pace of growth in the past year alone at 6.4 per cent.
At the heart of Victoria’s dynamic performance was construction work done, which was 28.6 per cent above its decade average– reflecting strong, sustained activity in the sector.
Retail spending in Victoria was almost 17 per cent above the decade-average, supported by home building, population growth and robust employment. Victoria’s annual growth in real retail trade is the strongest in the nation – up 4.2 per cent.
Dwelling starts in Victoria are nation leading, with commencements 42.5 per cent above the decade-average, buoyed by stamp duty cuts as part of the Homes for Victorians package introduced in 2017.
Victoria’s labour market also remains strong, with more than 340,000 new jobs created since the Andrews Labor Government was elected – the majority of which are full-time positions.
It is the first time that Victoria has topped the report, and is a far cry from the fourth position the Labor Government inherited from the Liberal National Government who brought the economy to a standstill.
Each quarter, the CommSec State of the States report assesses state and territory economies on eight key indicators: economic growth, retail spending, equipment investment, unemployment, construction work, population growth, housing finance and dwelling commencements.
When assessing annual growth rates, Victoria exceeded the national average on six of the eight indicators.
Quotes attributable to Treasurer Tim Pallas
“A wide range of economic indicators confirm what we already know – Victoria is the nation’s economic powerhouse.”
“We’re determined to build on this, to maintain our strong economic position and continue to invest in the major infrastructure that is critical for a growing state.”
“Our unprecedented investment in roads and transport, hospitals and schools is paying dividends – driving the state’s economy, which has created more than 340,000 new jobs since November 2014.”
Reviewed 19 August 2020