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Victorian Consumer Confidence Gains Momentum

18 January 2017

Victoria’s strong economic credentials continue to strengthen consumer confidence among Victorians, with the latest consumer sentiment index up 5.7 per cent for the final month of 2016.

According to the latest Westpac Melbourne Institute report released today, Victorians are the second most confident in the nation, with the index well into positive territory at 103.7 points.

Since the Andrews Labor Government was elected in November 2014, Victoria’s consumer sentiment index has increased by 12.2 per cent, buoyed by strong economic conditions, and a government delivering the services and infrastructure that Victorians need.

During that time, more than 184,000 new jobs have been created in Victoria, bolstered by the Government’s strong infrastructure pipeline and continued investment in services.

The WMI is calculated using five component indices, and a reading above 100 indicates that the number of people answering the survey who are optimistic exceeds the number of pessimists.

All five components increased in Victoria, and there was particularly good news for Victorian families, with the positive sentiment attributed to household’s view of ‘family finances in the next 12 months’, sitting at 105 points, and ‘time to buy major household items’, sitting at 127.4 points.

Meanwhile, Australia’s consumer sentiment still sits in negative territory at 97.4 – only rising 0.1 per cent during the month.

Victoria’s strong consumer confidence numbers coincide with the latest engineering construction numbers from the Australian Bureau of Statistics (ABS), which show that Victoria’s engineering construction increased by 15.3 per cent for the year – the highest of all the states.

The increase was driven by public sector engineering construction work, with strong increases recorded in public roads.

Quotes attributable to Acting Treasurer Robin Scott

“Victoria’s strong performing economy is instilling a sense of confidence in Victorian consumers, as we invest in Victoria and create opportunities.”

“The strong engineering construction numbers also reflect the momentum the Andrews Labor Government is generating to create a prosperous Victorian economy.”

Reviewed 19 August 2020

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