Victoria’s economy continues to grow above trend and is accelerating, according to the latest ANZ Stateometer released today.
The June report shows that Victoria’s economy is the only state to grow above trend while also accelerating, buoyed by strong jobs growth which has put on more than 100,000 full time jobs in the twelve months to June.
The report also showed that Victoria’s property market remains a “bright spot” and was contributing to the above trend activity.
This is consistent with the ABS reporting this month that total value of building approvals throughout Victoria up by nearly 10 per cent in June to $2.86 billion – and up 28.5 per cent over the year.
The ANZ Stateometer showed that Victoria is one of only three jurisdictions with above trend activity, with resource rich Western Australia and Queensland significantly below trend and showing weakness in the labour and property markets.
Victoria’s positive showing in the ANZ Stateometer comes off the back of last week’s Westpac-Melbourne Institute of Consumer Sentiment Index, which shows Victorians are the most optimistic in Australia with the highest consumer confidence.
In the same week, the NAB Monthly Business Survey showed that Victorian business confidence continues to be positive.
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
“Today’s report yet again affirms the Government’s tireless work to create the best economic conditions for growth and prosperity in Victoria is working; paying dividends and creating jobs for Victorians.”
“The Andrews Labor Government made a bold pledge to create 100,000 jobs in our first two years in office. Only 21 months in and the numbers are positive, with 147,400 new jobs – 111,500 of those full-time.”
Reviewed 19 August 2020