Victoria’s Economic Growth Continues Above Trend
Victoria has experienced more than two consecutive years of above trend growth, according to the ANZ Stateometer Report released today.
Housing, labour and trade were all positive contributors to Victoria’s economy in the September quarter, with population growth fuelling strong demand for housing.
The report notes first home buyers have re-entered the market, assisted by the Andrews Labor Government’s huge cuts to stamp duty for first home buyers.
The ANZ report also notes the huge pipeline of projects – including the multi-billion dollar Metro Tunnel, North East Link and West Gate Tunnel – all underway to address Victoria’s growing transport needs.
Today’s report also confirms labour market activity remains strong in Victoria, underlining last week’s Australian Bureau of Statistics (ABS) labour force data that showed Victoria’s unemployment rate fell to 5.7 per cent.
More than 70,000 jobs have been created in Victoria since October 2016, and more than 266,000 since the Labor Government was elected in November 2014.
The strength of the Victorian economy was also reflected in last week’s ABS State Accounts, which showed Victoria’s gross state product grew 3.3 per cent in 2016-17 in real terms, the highest growth of all states.
Victoria’s state final demand was also the strongest in the nation at 3.9 per cent – aided by the Labor Government’s prudent financial management and its ongoing investment in transport, health and education infrastructure.
Quotes attributable to Treasurer and Minister for Resources Tim Pallas
“Report after report confirms the strength of Victoria’s economy – whether it’s housing, infrastructure, consumer sentiment, and most importantly jobs, with more than 260,000 jobs created since we were elected.”
“We are delivering robust economic growth, along with the housing, public transport and services that make Victoria the best place in Australia to live, work and do business.”