Business confidence in Victoria now leads the nation and has doubled since November 2014, according to the latest NAB Business Survey.
Victoria’s business confidence index rose 16 points in December and is the highest of all the states.
The NAB Business Survey also confirmed business conditions have dramatically improved since the Andrews Labor Government was elected – with the index rising more than 50 per cent over the past three years.
It comes as Deloitte Access Economics data released this week forecast Victoria’s gross state product will grow by 3.8 per cent in 2017/18 – driven by household consumption and business and infrastructure investment.
Private consumption is also forecast to grow in 2017/18 and 2018/19 – backed by a growing population, low interest rates and more household wealth.
Deloitte expects business investment to grow significantly in the next two years, led by private engineering, commercial construction and equipment investment.
Private engineering and commercial construction is forecast to grow by a massive 24.1 per cent in 2017/18 and 10.8 per cent in 2018/19.
Victoria continues to invest an average of $10.2 billion a year in infrastructure – giving our cities, towns and communities what they need now and into the future.
Quotes attributable to Acting Treasurer Robin Scott
“The Victorian economy continues to be the envy of the country – backed by record infrastructure investment and now the highest level of business confidence.”
“It’s far more than just numbers on a page – this means jobs for Victorians, opportunities for businesses and a chance for everyone to share in our growing economy.”
Reviewed 19 August 2020