The latest ANZ Stateometer report shows Victoria’s economy grew above trend in December, as it has done for more than two years.
It’s good news all-round for Victoria, with all indices growing above trend, and the labour market index performing best.
Victoria was also ahead of the nation in retail turnover, which rose 4.5 per cent in the year to December.
Housing market confidence, as reported by the ANZ Property Council Survey, is solid, with Victoria one of only two states with increasing sentiment in the March quarter of 2018, and Victoria overtaking New South Wales as the most optimistic state or territory.
Employment growth increased at an average rate of 3 per cent in December and January, and participation has been at or close to a 40-year high.
The report also confirms the Andrews Labor Government’s extensive pipeline of major projects is contributing strongly to the state’s economy.
The Australian Bureau of Statistics also released its construction data today, which shows the value of construction work increased by 6.9 per cent in the year to December 2017, higher than the Australian average of 4.6 per cent.
Quotes attributable to Treasurer Tim Pallas
“The Andrews Labor Government is ensuring our economic momentum continues as we deliver a strong pipeline of infrastructure investment, boosting opportunities for all Victorians.”
“Our economy is growing above trend in all sectors, as we continue to invest in skills, jobs and opportunities for all Victorians – right across the state.”
Reviewed 19 August 2020