Victoria continues to be Australia’s economic powerhouse with new data released today confirming that growth in Victoria’s state final demand was the strongest of all the states and almost double the national average.
The Australian Bureau of Statistics (ABS) figures show Victoria’s extraordinary growth in final demand of 4.7 per cent over the year to June 2017 was driven by exceptional business investment and household consumption.
Business investment grew 20.5 per cent over the 12 month period, and was up 7 per cent in the June quarter alone.
Strong gains were recorded in non-dwelling construction (up 14.3 per cent), machinery and equipment (up 2.8 per cent), intellectual property products (up 2 per cent) and cultivated biological resources (up 1.2 per cent).
Business investment and household consumption is also being boosted by the Andrews Labor Government’s investment in the schools, hospitals, transport and other infrastructure the state needs – creating opportunity right across Victoria.
State final demand also grew by 3.9 per cent in the 2016-17 fiscal year – again, the strongest growth of all the states.
Today’s ABS data also confirms that between December 2014 and June 2017, Victoria’s state final demand grew at an average of 4.4 per cent compared to 1.7 per cent during the four years of the former Liberal Government.
During that same time, there have been almost a quarter of a million jobs created in Victoria, the majority of which are full time.
This news follows yesterday’s ABS update which showed Victorian goods and services exports grew more than 10 per cent over the year to June – the strongest growth in the nation and the highest in Victoria in five years.
Quotes attributable to Treasurer Tim Pallas
“Victoria's strong economic indicators show the Andrews Labor Government is continuing to drive Victoria’s economy in the right direction, creating jobs and improving the lives of Victorians.”
“Victoria is the economic engine-room of Australia, which is why we’ve created almost a quarter of a million jobs since November 2014 – more than any other state.”
Reviewed 19 August 2020