The pace of economic activity in Victoria continued to expand over the December quarter, according to the ANZ Stateometer Report released today.
The report, which is published monthly, found that the Victorian economy finished 2015 firmly in the expansionary phase of the economic business cycle.
This increase in momentum points to strong National Accounts figures for the December quarter 2015 which are released next month.
Today’s report comes on the back of the Commsec State of the States Report released last month, which showed that Victoria has the fastest annual economic growth rate in the nation, with economic growth up 3.4 per cent on a year ago.
This is consistent with the continued return of confidence to the Victorian economy, which has created 79,000 new jobs - almost 48,000 of which are full time jobs - since the Andrews Labor Government was elected.
In that time, Victoria's unemployment rate has also fallen to 5.9 per cent, down from a high of 6.9 per cent experienced under the Liberal Government.
The ANZ Stateometer is a measure of economic performance across Australia’s states and territories.
The set of composite indices for each state and territory are based on 16 economic indicators that cover labour market conditions, household and business activity, and prices.
Quotes attributable to Treasurer Tim Pallas
"This is yet another sign of confidence returning to the Victorian economy after four years of Liberal inaction, with the ANZ Stateometer results reflecting strong data across the board.”
“The Andrews Labor Government has created almost 48,000 new full time jobs, a far cry from the hopeless former Liberal Government that created just 16,000 jobs in four inertia riddled years."
"We promised that we'd get Victoria moving again, and strong economic growth, population growth and retail spending are testament to us getting on with it.”
Reviewed 19 August 2020