Victoria’s strong economic record continues, with the state recording the country’s strongest retail trade growth in May.
Australian Bureau of Statistics data shows Victoria’s retail trade grew by a total of $45.6 million in May – the strongest performance in the nation and well above the national total of $27.3 million.
Over the past 12 months, Victoria’s total retail sales grew by $290 million, more than any other state or territory.
In May, the value of Victoria’s retail trade rose by 0.6 per cent to $7.2 billion, accounting for
26.3 per cent of national trade.
The state’s strongest performing retail sectors over the past 12 months was ‘food retailing’ (5.1 per cent) and ‘cafes, restaurants and takeaway food’ (5 per cent) – consolidating Victoria’s reputation as the restaurant and food capital of Australia.
Since the Andrews Labor Government was first elected in November 2014, Victoria’s monthly retail trade has grown by a total of $1.3 billion – equivalent to 21.8 per cent growth – the strongest results in Australia during the period.
Meanwhile, national average retail turnover has grown by 15 per cent.
Quotes attributable to Acting Treasurer Robin Scott
“Since we were elected, Victoria’s retail trade turnover has outshone the rest of the nation.”
“We’ve delivered more jobs and support for every corner of the state.”
Reviewed 19 August 2020