The Australian Bureau of Statistics today confirmed Victoria is the nation’s leading retail state.
The latest ABS retail sales figures show Victoria’s strong consumer confidence has translated into the strongest annual growth in retail sales in Australia.
The value of Victoria’s retail sales grew 0.5 per cent during March and 5.3 per cent during the year for an annual total value of $73.8 billion.
The breakdown of retail trade turnover showed strong yearly growth across industry groups, including food retailing (up 4.6 per cent), department stores (up 5 per cent), clothing, footwear and personal accessories (up 5 per cent), household goods retailing (up 6.1 per cent) and café, restaurants and takeaway food (up 5.5 per cent).
Victoria also has the highest annual growth in sales volume, up 3.9 per cent from a year ago.
At the national level, sales volumes grew by 2.4 per cent throughout the year.
Earlier this week, both the National Australia Bank and CommSec confirmed Victoria’s strong economic health is boosting confidence throughout the state and keeping our business conditions in positive territory.
The National Australia Bank reported Victoria’s business confidence is the best in the nation, with confidence rising to +7 index points in April - nine points higher than this time last year.
Throughout Australia, business conditions eased to +9 index points. However, Victoria’s healthy business environment remains resilient.
According to the latest CommSec report, Victoria’s economy continues to be the fastest growing in the nation.
Quotes attributable to Treasurer Tim Pallas
“This is more good news for Victoria, more good news for job creation and more good news for businesses looking to prosper.”
“Since the Andrews Labor Government was elected in November 2014, more than 112,000 Victorians have found a new job – with more than 71,000 of those jobs full time.”
Reviewed 19 August 2020