Victoria’s Economy Continues To Lead The Nation
Victoria is once again the only jurisdiction in Australia with above trend economic growth and improving momentum, according to the latest ANZ Stateometer report.
The ANZ Stateometer report says Victoria’s strong result was due to solid labour market conditions, strong housing market and finance commitments, all of which are driving Victoria’s dynamic economic growth.
Victoria’s labour market is leading the nation.
Over the year to March 2017, Victorian employment rose by 95,300 people – nearly double the number of jobs created throughout the rest of Australia. More than half these jobs – 53,400 were full time jobs, reaffirming Victoria’s position as the leading state for jobs growth.
Since the Andrews Labor Government was elected in November 2014, more than 216,000 new jobs have been created in Victoria, with recent figures from the Australian Bureau of Statistics (ABS) also showing that Victoria’s employment has passed 3.1 million for the first time.
Compared with other states, Victoria’s annual employment result is the highest in Australia in both absolute and percentage terms.
Figures released by the ABS last week show Victoria continues to build job momentum with nearly 28,000 jobs created in the past two months alone.
Victoria’s strong economic conditions contrast with the rest of the country. The report states that while economic activity across most of Australia continued to trend higher over the year to March, economic growth overall remains below trend.
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
“We have jobs, we have an infrastructure pipeline unparalleled in the state’s history, and we have momentum.”
“After four long do-nothing years of the previous Liberal Government, Victoria is leading the nation once again.”
“Victoria’s strong AAA-rated economy continues to outperform the nation on a number of fronts, with strong economic activity and jobs growth creating opportunities for Victorians.”