Victorian Economy Shining Bright Like A Diamond

07 June 2017

Victoria’s economy is the powerhouse of the nation – with final demand growing faster than any other state and creating more jobs than every other state combined.

Data released by the Australian Bureau of Statistics (ABS) today also shows Victoria’s State Final Demand grew by 4.5 per cent in the year to March 2017 – almost triple the national average.

The quarterly figure of 1.4 per cent was also the strongest growth in the nation.

In the six months to March, growth in Victoria's state final demand was the strongest it has been since the start of the Global Financial Crisis (March 2008), supporting the strongest job creation in the nation.

March quarter growth in Victoria was largely driven by positive contributions from public demand and household consumption expenditure.

Overall, Australian GDP grew by 0.3 per cent over the March quarter and is up 1.7 per cent over the year, broadly in line with market expectations.

State final demand is a measure of economic activity which looks at the total amount of goods and services used in the economy.

Victorian trade is also on the rise with yesterday’s ABS data showing a 7 per cent growth in exports in the year to March 2017, bringing the total annual value of exports up to $44.5 billion.

Quotes attributable to Treasurer Tim Pallas

"Victoria continues to be the nation’s standout economic performer, and as our economy grows, so too do opportunities for Victorians, with more than 115,000 jobs created in the past year."

“The prudent management of our state’s finances and our strong investment in infrastructure is allowing the Victorian economy to go from strength to strength.”

Reviewed 19 August 2020

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