Victoria is the only state in Australia with above trend growth and accelerating economic momentum, according to the latest ANZ Stateometer report.
Today’s ANZ report is one in a series of strong affirmations in recent days showing that Victoria’s economy continues to be the standout performer of the nation.
Victoria’s performance was again boosted by the continued strong performance of the labour market, the report said, with the State’s economy expanding above trend in July.
More than 150,000 jobs have been created since the election of the Andrews Labor Government, with more than 112,000 full time jobs created.
In the recent NAB Monthly Business Survey for August, Victoria’s business confidence was the highest in Australia, while it was also the only state to record an increase in business conditions.
The NAB survey closely followed the ABS national accounts figures last week which showed Victoria’s state final demand for the financial year 2015-16 had grown by a strong 4 per cent - the highest among the states and the strongest result since 2007-08.
The ANZ Stateometer is a measure of economic performance across states and territories. It synthesises 37 monthly indicators, covering labour market conditions, household and business activity, housing and trade.
Quotes attributable to Treasurer Tim Pallas
“Victoria’s strong AAA-rated economy continues to outperform the rest of the Australia on a number of fronts, confirming our momentum of economic growth as the fastest and strongest in the nation.”
“The Andrews Labor Government is investing in our infrastructure and the skills and health of our people – work that has seen the Victorian economy go from strength to strength and put on more than 150,000 jobs since we were elected.”
Reviewed 19 August 2020