Wednesday, 29 January 2020

Economic growth, retail spending and a huge pipeline of construction work have made Victoria the best performing economy in Australia, despite national and global economic headwinds.

The latest CommSec State of the States report shows Victoria is bucking the trend of a lagging national growth and a weaker national and global financial outlook.

Victoria leads the nation on four of the eight key indicators, ranking first on economic growth, retail trade, equipment investment and construction work done. It’s the seventh quarter in a row Victoria has topped the report.

The report reveals:

• Economic activity in the September quarter was 27 per cent above its decade-average level of growth, ahead of New South Wales.
• Low unemployment and a rebounding property market saw retail spending creep 14.9 per cent above the decade average in Victoria.
• Victorian businesses investing in equipment such as plant and machinery was 10.2 per cent higher than the decade average.
• Victoria blitzed the nation on construction work, 26.2 per cent above its decade average.

The State of the States report comes just days after new ABS Labour Force data showed Victoria added 10,000 new jobs last month – taking the total number of jobs created since the Andrews Labor Government came to power to 530,000.

The Labor Government is making the tough choices so it can continue investing in the major projects our state needs to create jobs, stimulate investment and drive our economy, as well as investing in schools, hospitals and transport.

At the same time, the Government will continue to lobby for fairer funding deals from the Commonwealth for service delivery, making sure Victoria gets its fair share for education, health and the NDIS.

Quotes attributable to Member for Eastern Victoria Harriet Shing

“This report is an important confirmation of the value of our record investment into infrastructure, jobs and skills for the whole state – even despite the downturn in spending, confidence and growth in other parts of Australia, Victoria continues to flourish.”

“This continued growth is also great news for the growing numbers of families and businesses who call Eastern Victoria home, and we are determined to continue delivering the services, facilities and opportunities that contribute to liveability and a strong future.”