Victoria continues to be the only state in Australia with above trend growth and accelerating economic momentum, according to the latest ANZ Stateometer report.
Today’s ANZ report continues the series of strong data and affirmations that consistently show Victoria’s economy to be the standout performer of the nation.
The main driver of Victoria’s strong performance was again the buoyant labour market, with the Victorian economy experiencing the strongest jobs growth in the nation.
More than 176,000 jobs have been created since the election of the Andrews Labor Government, with more than 112,000 full time jobs created.
While unemployment rose from 4.9 per cent in 2010 to 6.8 per cent in 2014 under the previous government, this Labor Government is getting Victorians back to work, with the unemployment rate down to 5.5 per cent.
Last week, the Victorian 2015-16 Financial Report confirmed a strong operating surplus of $2.7 billion for the 2015-16 period, with state final demand the highest in Australia, growing by 4.0 per cent in real terms in 2015-16 – the best result since 2007-08.
Victoria remains one of two Australian states to hold a triple-A rating from both major credit rating agencies, with our finances in a strong and sustainable position.
The ANZ Stateometer is a measure of economic performance across states and territories. It synthesises 37 monthly indicators, covering labour market conditions, household and business activity, housing and trade.
Quotes attributable to Treasurer Tim Pallas
“Victoria’s strong AAA-rated economy continues to outperform the rest of the Australia on a number of fronts, with economic growth that is the fastest and strongest in the nation.”
“The strong investment by the Andrews Labor Government in our infrastructure and the skills and health of our people – after four years of stagnation under the Liberal Government – has allowed the Victorian economy to grow and put on more than 176,000 jobs since we were elected.”
Reviewed 19 August 2020