The first snapshot of the 2016-17 financial year shows Victoria’s finances remain strong and in line with budget expectations, reinforcing the Andrews Labor Government’s sound economic management.
The 2016-17 Quarterly Financial Report No 1, tabled today by Treasurer Tim Pallas, shows a quarterly operating surplus of $480 million.
That is consistent with meeting a full-year operating surplus of $2.9 billion, and underlines the strength of the Victorian economy.
The Labor Government’s strong infrastructure pipeline resulted in net investment in infrastructure totalling $1.6 billion for three months, with a focus on road, rail and hospitals.
The $1.6 billion was invested in projects including the Level Crossing Removal Program, Metro Tunnel, Western Distributor, Casey Hospital Expansion, Bendigo Hospital and the Murray Basin Rail Project.
These investments supported job growth, with employment increasing 31,000 across the quarter, and a total of 105,000 jobs created since September 2015.
The annual pace of total and full-time job creation in Victoria is currently leading the nation with the state’s unemployment rate falling 0.5 percentage points in the year to 5.7 per cent in September 2016.
Since November 2014, Victoria’s economy has generated more than 162,000 jobs, with improving business conditions, consumer sentiment and strong population all bolstering economic activity and creating jobs.
Quotes attributable to Treasurer Tim Pallas
“Victoria’s economy is the envy of the nation: strong surpluses, jobs growth, and a triple-A credit rating.”
“Our operating surplus and net debt are in line with expected forecasts – as the Andrews Labor Government continues to invest in our great state, boost the economy and drive job growth.”
Reviewed 19 August 2020