MR PALLAS (Treasurer) — I rise to update the house on the government’s achievements in reinstating Victoria as the economic leader of the country. The Australian Bureau of Statistics state accounts for 2014–15, which were released last week, show that Victoria’s gross state product (GSP) for the 2014–15 financial year was 2.5 per cent, above budget estimates of 2.25 per cent.

The growth has been driven by strong performance right across the board, from increased business investment, which is up 6.7 per cent, and from strong household consumption, which is up 2.3 per cent. Population growth is up, household consumption is up, retail trade is up, consumer sentiment is up, business investment is up and exports are up. Approximately 73 000 Victorians have found jobs created by this government, with an unemployment rate of 5.6 per cent. Victoria is now the lead performer of the non-mining states. Really it is an outstanding change of circumstances. This is an outstanding result, and it is also a vindication of the decision Victorians made at the last election.

To put these numbers in context, the gross state product for 2013–14 was 1 per cent, revised down from 1.7 per cent. Those opposite forecast 2.25 per cent in their 2013–14 budget. Under the previous Labor government GSP growth was approximately 3 per cent. In one four-year term those opposite almost halved it to an average of 1.6 per cent. Victoria is no longer in a state of dysania, where $1 million a month was spent on Moving Victoria ads that did not move one Victorian. They were the P76s of economic management.