Victoria’s consumer sentiment is the highest in the country, as the state’s economy continues to go from strength to strength.
The Westpac-Melbourne Institute report has found that the consumer sentiment index has risen 4.2 per cent in September, with Victoria now at 105.7, the highest of all the mainland states.
This reflects the state’s strong jobs growth that has created more than a quarter of a million jobs since November 2014 – more than any other state, with more than half these jobs full time.
Victoria is the only state sitting in positive territory in the index, with all other mainland states recording index readings below 100.
This time last week, data from the Australian Bureau of Statistics also showed Victorian state final demand was the strongest of all the states and almost double the national average.
While Victoria forges ahead, Australia’s overall consumer sentiment still sits in negative territory at 97.9.
Westpac states this is due to increased pressures on family finances, concerns around interest rates and housing affordability as well as rising energy prices all weighing on confidence but partially offset by the boost from an improved outlook for jobs.
The Westpac-Melbourne Institute report is a measure of how confident consumers are in their personal finances and the economy.
Quotes attributable to Treasurer Tim Pallas
“Victorians are confident about their finances and rightly so – as our economy grows faster than the rest of the nation, and we create more jobs than any other state.”
“With strong economic growth and big investments in roads, rail, housing, health and education, Victorians are getting every chance to share in our growing prosperity, a notable difference to the four-do-nothing years of the previous Liberal Government.”