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Victoria The Fastest Growing Economy In The Nation

27 January 2016

Victoria has the fastest annual economic growth rate in the nation, according to the latest CommSec State of the States Report, released today.

Victoria's economic growth is up 3.4 per cent on a year ago, as well as rating strongly on population growth, housing finance, dwelling starts and retail trade.

This is consistent with the continued return of confidence to the Victorian economy, which has created 79,000 new jobs - almost 48,000 of which are full time jobs - since the Andrews Labor Government was elected.

In that time, Victoria's unemployment rate has also fallen to 5.9 per cent, down from the 6.9% experienced under the Liberal Government.

Each quarter CommSec examines the performance of the states against eight key indicators: economic growth; retail spending; equipment investment; unemployment, construction work done; population growth; housing finance and dwelling commencements.

Quotes attributable to Acting Treasurer, Gavin Jennings

"Victoria now has the fastest annual economic growth rate in the nation, with confidence returning and almost 48,000 new full time jobs created since the Andrews Labor Government was elected."

"This is a far cry from the experience under the Liberal Government that brought the economy to a halt, and only created 16,000 full time jobs in four inertia-riddled years."

"We promised that we'd get Victoria moving again, and strong economic growth, population growth and retail spending show that we are delivering on that commitment.”

Reviewed 19 August 2020

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