Victoria is leading the nation in annual economic growth according to the latest Commsec State of the States report released today.
The report shows Victoria’s nominal economic growth rate is up 5.4 per cent compared to a year ago, supported by the nation’s strongest annual population growth, and strong retail spending and construction work.
The report showed that construction work completed in Victoria was up 19.9 per cent, compared with the state’s average trend.
In addition, Victoria was one of only two states to record strong retail spending and was 14.2 per cent above decade-average levels.
While Victoria ranks second overall to New South Wales, the report indicates that with stronger economic and population growth, Victoria is likely to improve its position even further over the next year.
Victoria’s unemployment rate has fallen to 5.7 per cent – significantly lower than the 6.8 per cent it peaked at under the previous Coalition Government - with more than 162,000 new jobs created since November 2014.
Over the past 12 months, Victoria was the only state to record an increase in full-time jobs.
The confirmation of Victoria’s continued strong economic performance follows last week’s ANZ Stateometer, which showed we were the only state in the nation with above trend and accelerating economic growth.
Each quarter, CommSec examines the performance of the states and territories against eight key indicators: economic growth, retail spending, business investment, unemployment, construction work done, population growth, housing finance and dwelling commencements.
Quotes attributable to Treasurer Tim Pallas
“The Andrews Labor Government’s work to drive Victoria’s economy is paying dividends – generating the strongest economic growth in the nation and creating jobs for Victorians.”
“This Government is leaving no Victorian behind – investing in our state, our businesses and our people.”
Reviewed 19 August 2020