New data shows Victoria’s economy is accelerating above trend, fuelled by private and public investment.
The latest ANZ Stateometer report released today shows Victoria’s economic activity is gathering pace due to strong public and private investment and a booming jobs market, with more than 320,000 new jobs since the Andrews Labor Government was elected.
The report states that “Victoria’s economic success over recent years has been multi-faceted’, with three years of strong economic performance which began in early 2015 after the Labor Government came to office.
Since being elected in November 2014, the Labor Government has invested more than $48 billion to build the schools, the hospitals, the roads and the public transport system our state needs.
Private companies are also backing the Victorian economy with local firms reporting the strongest business conditions in 18 years, buoyed by cuts to payroll tax and a recent uplift in office building construction approvals.
Construction work completed in Victoria is up 6.5 per cent in the March quarter, according to the Australian Bureau of Statistics, compared with the national average of just 0.2 per cent.
In the year to March, construction work done in Victoria increased 11.2 per cent – more than double the national average of 5 per cent – driven by engineering (40.7 per cent) and non-residential building (4.5 per cent).
The ANZ data also shows Victorian families are benefiting from six-year lows in the unemployment rate – down to 5.3 per cent for the month of April – and strong retail trade, demonstrating the confidence of Victorian households.
The ANZ Stateometer is a measure of economic performance across states and territories. It synthesises 37 economic indicators, covering labour market conditions, household and business activity, housing and trade.
Quotes attributable to Treasurer Tim Pallas
“Under our strong economic management, the Victorian economy is once again the powerhouse of the nation, with growth creating more than 320,000 jobs since we were elected.”
“Our economy is growing strongly as we continue to invest in our unprecedented infrastructure pipeline, driving skills, jobs and opportunities for all Victorians, right across the state.”
Reviewed 19 August 2020