Victorian business conditions rose strongly in May as the state’s economic momentum continues to create jobs and bolster growth, according to an NAB report released today.
The NAB monthly business survey shows Victorian business conditions are the strongest of the mainland states at 22 index points – 11 points higher than a year ago.
This underlines the strength of the Victorian economy, which has seen more than 116,000 new jobs created since November 2014.
NAB’s survey follows recent employment figures showing Victoria’s unemployment rate now sits at 5.6 per cent – the equal second lowest unemployment rate in Australia.
Nationally, business conditions are steady at 10 index points with NAB describing the result as consistent with an ongoing recovery in the non-mining economy.
This is more good news for Victoria, complementing the latest ABS retail sales figures showing our annual growth in retail sales continues to exceed the national average, as well as CommSec’s State of the States Report which showed Victoria’s economy continues to be the fastest growing in the nation.
Quotes attributable to Treasurer Tim Pallas
“Victoria’s indicators continue to show that our economy remains strong and the Andrews Labor Government is creating the best economic conditions for business growth and prosperity in Victoria.”
“Victorians can be assured we will continue to support established businesses while at the same time, creating fertile conditions for new businesses to take hold.”
Reviewed 19 August 2020