New data shows Victoria is leading the nation on business conditions, consumer sentiment and the increase in the value of building work completed.
Australian Bureau of Statistics figures released today show the value of building work completed in Victoria increased $623 million or 7 per cent in the June quarter, to $9.5 billion – more than any state in the nation.
Annual growth for the value of building work completed in Victoria was 11.7 per cent – well above the national average growth of just 4.4 per cent.
Victorian consumers are also the most confident of the mainland states, with the WMI Consumer Sentiment Index confirming the State’s consumer sentiment climbed 2.5 per cent in September to 107.8, again, well above the national average of 101.5 points.
Compared to September, Victorians are feeling more confident about economic conditions in the next five years (up 9 per cent), economic conditions in the next 12 months (up 5.4 per cent) as well as their family finances compared to a year ago (up 2.6 per cent).
Victorian consumer sentiment has increased 15.4 per cent since the Andrews Labor Government was elected in November 2014, while the national average consumer sentiment has decreased 2.5 per cent during this period.
Victoria’s business conditions have also improved by 10 index points since November 2014 – the equal highest index improvement in business conditions of all the states during that period.
In September alone, the latest NAB Monthly Business Survey revealed Victorian business conditions jumped five index points to reach +19 index points – four points higher than the national average.
The Victorian economy is estimated to have grown by a total of $48 billion in real terms since 2014 and is the fastest growing economy in the nation.
During that time the Victorian economy has piled on more than 370,000 jobs – more than any other state or territory.
Quotes attributable to Treasurer Tim Pallas
“We’re supporting businesses, creating jobs and investing in the infrastructure projects that are vital for the future of our state – driving the Victorian economy to be the best in the nation.”
“These nation-leading results are important indicators for the economy, signalling more good news for Victorian families and businesses, with more jobs and opportunities created than any other state in Australia.”
Reviewed 19 August 2020