Victoria’s economy is growing faster than it has in almost a decade, the Australian Bureau of Statistics (ABS) confirmed today.
The latest ABS figures show that for the 2015-16 year, Victoria’s gross state product (GSP) grew by a strong 3.3 per cent, up from 2.6 per cent for 2014-15, exceeding the budget estimate of 3 per cent and well above the national GDP number of 2.8 per cent.
The strong result is in stark contrast to the results achieved under the previous Liberal Government, who only managed GSP of 1.1 per cent and 0.8 per cent for the 2012-13 and 2013-14 years respectively.
The 2015-16 result was driven by strong growth in dwelling investment (11.1 per cent), underlying business investment (4 per cent) and household consumption (3.2 per cent).
Victoria’s service exports also reached an all-time high, driven by strong results in international education and tourism.
Today’s figures come on the back of more strong jobs data yesterday, which confirmed that since November 2014, more than 184,000 jobs have been created in Victoria – 93,200 of them full time.
Victoria’s unemployment rate has now fallen to 5.7 per cent in October, the second lowest in Australia, and well below the 6.8 per cent that it reached under the previous Government.
Quotes attributable to Treasurer Tim Pallas
“For the last two years we’ve delivered on the things that matter most to people – growing a stronger economy and creating more jobs for Victorians.”
“Our economy is now growing faster than it has in almost a decade – and in two years of putting people first, we have created more than 184,000 jobs.”
Reviewed 19 August 2020