Premier

Strong Surplus, Strong Growth, Strong Economy

11 March 2016

Treasurer Tim Pallas today released the 2015-16 Mid-Year Financial Report, which confirms Victoria is in a strong economic and financial position.

For the six-month period ending 31 December 2015, the budget result was $1.5 billion.

This reflects the strong financial management of the Andrews Labor Government and the confidence that has returned to the Victorian economy.

This was confirmed by data released by the Australian Bureau of Statistics last week, which showed that Victoria’s economy is now growing faster than it has for more than five years, and is leading the nation in economic growth.

State final demand over the year to December 2015 was 4.6 per cent, nearly double the 2014 result of 2.4 per cent.

This strong economic growth has translated to job creation, with 68,700 new jobs created in the since the Labor Government was elected, with almost 40,000 of these jobs full-time.

By comparison, in four years of the Coalition Government there were only 96,000 jobs created – and only 16,000 full time jobs.

The Report showed strong growth in the property market with the outlook remaining positive due to higher residential building approvals.

The Report also said Victoria’s strong performance is reflected in its triple-A credit rating from both major ratings agencies – Moody’s and Standard & Poors.

Quotes attributable to Treasurer Tim Pallas

“The Mid-Year Financial Report is more great news for Victorians, confirming the strength of the Victorian economy – which is now the fastest growing economy in the nation.”

“We promised that a Labor Government would exercise strong and disciplined financial management, and with strong surpluses across the forwards, it shows that we’re keeping our word and getting on with it.”

“This mid-year result demonstrates the Andrews Labor Government’s commitment to sound economic management and strengthens our resolve to invest in infrastructure to create more jobs for Victorians.”

Reviewed 19 August 2020

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