Victoria has the nation’s strongest jobs market, economic growth, retail trade and construction work done, according to the latest CommSec State of the States report.
Released today, the report shows Victoria’s economic activity was 26.9 per cent above its decade-average output – the best result in the nation – and 1.5 percentage points ahead of NSW in the December quarter.
Victoria’s unemployment rate is sitting at just 4.6 per cent – a total of 18.7 per cent below the decade average – the strongest result in the country.
Victoria also experienced the nation’s highest wage growth of 2.7 per cent in the year to December.
Construction work done across the state was 33.1 per cent above the decade average and once again outperformed the nation.
This is no surprise given the Andrews Labor Government has more than doubled infrastructure investment to an average of $10.6 billion over the four years to 2021-22 compared to the long-run average.
The State of the States report also confirmed Victoria held top position on the retail trade rankings, with spending 17.7 per cent above decade-average levels in the December quarter.
Quotes attributable to Treasurer Tim Pallas
“These results are more great news for Victorians and point to the strength of our economic management.”
“When the Victorian economy is thriving, Victorians are thriving – benefiting from the best jobs market in the nation and unprecedented infrastructure investment.”
“We’re continuing to drive this growth – by investing in the hospitals, schools and skills that are the future of our state.”
Reviewed 19 August 2020