- Published:
- Wednesday 12 October 2016
Victoria’s economic strength continues to translate to strong consumer confidence, with the consumer sentiment index 5.6 per cent higher than a year ago, according to the latest Westpac Melbourne Institute (WMI) report.
The October report shows Victoria’s consumer sentiment index increased by 2.8 per cent to finish at 104.6 for the month, in contrast to the nation’s consumer sentiment, which rose by just 1.1 per cent.
Victoria’s rise in consumer sentiment was attributed to growing confidence in the state’s medium to long term economic conditions for the next five years.
Since the Andrews Labor Government was elected in November 2014, Victoria’s consumer sentiment index has increased by 13.2 per cent and now stands firmly in positive territory.
In that time, the Victorian economy has put on more than 176,000 new jobs.
The WMI is calculated using five component indices, and a reading above 100 indicates that the number of people answering the survey who are optimistic exceeds the number of pessimists.
Today’s WMI figures coincide with an Australian Bureau of Statistics report that today shows Victoria had the largest increase in the value of building work done across all states and territories in the June quarter.
Building work done in Victoria was up 5.9 per cent for the June quarter, and 9.8 per cent for the year. This compares to Australia’s 1.2 per cent increase in the June quarter and 6.6 per cent over the year.
The figures show Victoria had $29.5 billion worth of building works completed in 2015-16, representing 29 per cent of the national figures – well above the state’s population share.
Quotes attributable to Treasurer Tim Pallas
“Today’s figures show Victorian consumers have increasing confidence in our economic direction for the next five years – with economic and jobs growth leading the nation.”
“We’re building confidence, we’re building for the future, and we’re getting it done.”