Victoria’s economy – assisted by strong population growth, a healthy infrastructure pipeline, strong jobs growth and a confident retail sector – remains strong, according to the latest Deloitte Access Economics (DAE) report.
The 2016 March quarter Business Outlook report said Victoria’s current performance is strong, with the retail sector surging on the back of small business confidence, which continues to sit at a level above the national average.
Victoria has a healthy infrastructure pipeline, with large projects like Melbourne Metro and Western Distributor, set to create more jobs and boost the economy further.
Victoria also continues to have the fastest population growth in Australia -- boosting housing construction and providing further confidence to Victoria’s already strong engineering construction sector.
The continued underlying strength in the Victorian economy is translating to jobs, with more than 112,000 new jobs added since the Andrews Labor Government was elected in November 2014, with more than 71,000 of those jobs full-time.
The report noted the state is also benefitting from lower interest and the lower exchange rate, with Victoria now attracting more visitors than Queensland – and foreign students.
The DAE report is published quarterly, and analyses prospects across 22 industries and each of the Australian States and Territories.
Quotes attributable to Treasurer Tim Pallas
“This report again confirms the continued strength of the Victorian economy and that the strong infrastructure pipeline of the Andrews Labor Government is translating to jobs and confidence.”
“While there are always challenges ahead, this independent economic assessment highlights Victoria’s strong economic position and its desirability as a destination for both national and international visitors.”
Reviewed 19 August 2020