Despite continuing to be short-changed by the Turnbull Government, Victoria’s economy outpaced the rest of the nation in the December quarter, according to the latest figures from the Australian Bureau of Statistics (ABS).
The State’s strong AAA-rated economy grew faster than any other state for the quarter, growing by 1.7 per cent, for an annual figure of 3.4 per cent. This compares with an annual national figure of just 2.1 per cent.
The quarterly data shows that growth was spread across the economy.
The strong investment in infrastructure and services coupled with the sound financial management of the Andrews Labor Government has helped created almost 190,000 jobs since it was elected in November 2014.
This is almost double the amount of jobs that were created in four years under the Liberal National Government.
The strong economic data comes as the latest manufacturing data also shows that Victoria's Performance of Manufacturing Index (PMI) increased significantly by 14.4 points, to be 59.6 in February – its highest since February 2008.
This underlines the strength of the Victorian economy, despite Victorians continuing to be short changed by the Turnbull Government.
While Victoria is home to 25 per cent of the nation’s population and has the fastest population growth in the nation, Victoria receives only 7.7 per cent of the Commonwealth’s infrastructure budget.
By comparison, Malcolm Turnbull’s home state of NSW is set to receive more than 30 per cent, and Queensland will receive 29 per cent.
Victoria has one of the strongest infrastructure pipelines in the country, with the Labor Government set to spend an annual average of $8.4 billion on infrastructure over the next four years – well up from the average over the last ten years of $4.9 billion.
Quotes attributable to Treasurer Tim Pallas
“With the strongest growth rate of the states for the quarter, Victoria is once again the engine room of the national economy.”
“While Malcolm Turnbull continues to short change Victorians, the Andrews Labor Government is getting on and investing in our infrastructure and the skills and health of our people, helping create almost 190,000 jobs since the we came to power.”
Reviewed 19 August 2020