Victoria has cemented its standing as the place to do business with the latest National Australia Bank (NAB) survey showing the state’s business conditions and confidence are going from strength to strength.
According to the NAB Monthly Business Survey, business confidence in Victoria was the highest in Australia in August, up 6 points from the previous month to +9 index points.
Victoria was also the only Australian state to record an increase in business conditions for August, up from +9 points in July, to +16 index points.
In contrast, Australian business conditions fell by 2 points to +7 index points in August – two points lower than a year ago.
Combined with the latest national accounts figures from the Australian Bureau of Statistics, today’s survey paints a clear picture of a vibrant and confident Victorian economy generating business growth.
Last week’s national accounts data showed that Victoria’s state final demand grew by 4.0 per cent in the past financial year – the highest among all the states and the strongest result since 2007-08.
It also showed Victoria’s strong triple-A rated economy has now been growing for seven consecutive quarters, driven by household consumption, dwelling investment and strong exports.
Since the Andrews Labor Government was elected in November 2014, more than 150,000 new jobs have been created.
Quotes attributable to Treasurer Tim Pallas
“Strong business conditions and confidence are the hallmarks of an economy that continues to grow and create jobs, with more than 150,000 new jobs created since the Andrews Labor Government was elected.”
“These latest NAB and ABS results confirm Victoria as Australia’s strongest economy and the leading place to do business. That’s why we’re investing in a stronger economy for all Victorians.”
Reviewed 19 August 2020