Victoria’s state final demand for the financial year 2015-16 has grown by a strong 4.0 per cent, the highest among the states and the strongest result since 2007-08, according to the latest ABS figures.
The State’s strong AAA-rated economy also outperformed the national average over the year to June 2016, with the state final demand more than double the nation’s figure.
Victoria’s state final demand grew by 1.1 per cent in the June quarter – the equal highest growth in final demand across the states.
Leading performance indicators were dwelling investment – which grew by 14.5 per cent over the year, household consumption (3.2 per cent) exports (0.9 per cent).
The strong economic data is consistent with the strong jobs growth since the Andrews Labor Government was elected, with the Victorian economy putting on more than 150,000 new jobs in that time.
There have been more jobs in the last twenty months than the Liberal Government managed to achieve in four years.
Nationally, Australian final demand increased by product increased by 0.5 per cent in the June quarter and 1.2 per cent over the year.
State final demand is the total amount of good and services used in the economy, incorporating household consumption, business investment, dwelling investment and government expenditure.
Quotes attributable to Treasurer Tim Pallas
“Today’s numbers confirm once again that Victoria is resuming its rightful place as the engine room of the national economy – which is why we’ve been able to put on 150,000 jobs since the Andrews Labor Government came to power.”
“We are investing in our infrastructure and the skills and health of our people – work that has seen the Victorian economy go from strength to strength.”
“The momentum of economic growth in Victoria is the fastest and strongest in the nation.”
Reviewed 19 August 2020