New data shows Victorian consumers are the most confident in the country, with construction and service sectors continuing to grow.
Key indices released today by the Westpac Melbourne Institute (WMI), the Australian Bureau of Statistics (ABS), and the ANZ Bank all show that the Victorian economy is performing well in areas such as housing and the service sector, and that consumer confidence remains positive.
The WMI Consumer Sentiment Index for January shows that Victoria continues to have the highest level of consumer sentiment in Australia, at 105.8. New South Wales is the only other mainland state with the index above 100.
The ANZ Stateometer, also released today, has identified that economic activity in Victoria was expanding at above-trend rates in November last year driven by housing activity with growth spreading to service industries.
The ANZ notes that household spending appears particularly strong in Victoria.
This is in strong contrast to mining states such as Western Australia where economic conditions remain weak as slowing demand in the mining sector continues to make an impact.
The ABS also released figures today that show that the value of building work increased 2.1 per cent during the September quarter and up 13.8 per cent for the year, measured in real terms. Australia-wide the increase was 5.8 per cent over the year.
The strong Victorian results reflected the record level of residential building underway, particularly apartments in Melbourne.
Quotes attributable to Acting Treasurer, Gavin Jennings
“Whichever way you look at it, the Victorian economy continues to perform well and Victorians are the most confident in the country.”
“Consumer confidence plays a vitally important role in driving economic growth and translates into increased household spending, increased building activity, and increased service delivery.”
“In the end this all means more jobs - with more than 47,000 full time jobs created since we were elected - and a prosperous economy for Victorians.
Reviewed 19 August 2020