Victoria’s Economy Leading The Nation

Victoria’s economy leads the nation with gross state product for 2016-17 growing 3.3 per cent in real terms, the highest growth of all Australian states.

Victoria’s State Final Demand was the strongest in the nation at 3.9 per cent – a direct reflection of the power of Victoria’s booming economy, aided by the strong financial management and infrastructure pipeline of the Andrews Labor Government.

The above-trend growth in Victoria was broad based and driven by positive contributions from consumption, public demand, exports, and business and dwelling investment.

The result of 3.3 per cent for the year is higher than at any point during the previous term of the Liberal and National Government.

Victoria’s nominal Gross State Product is now valued at $407 billion, according to the Australian Bureau of Statistics (ABS).

Victoria’s optimistic consumers were the main contributors to this growth, with household consumption again the strongest in Australia at nearly 3 per cent.

Pleasingly, Victoria’s export industries were also at the forefront of the State’s economic growth with total exports growing 7.8 per cent in 2016-17, the highest of all the states.

Victoria’s international services exports rose 11.1 per cent to a record high of $20.9 billion in 2016-17.

A key component of the strength of the Victorian economy has been the Labor Government’s record $9.1 billion infrastructure investment, which means better schools, hospitals, roads and public transport that Victorians need.

There was good news also this week for Victorian job seekers, with yesterday’s ABS Labour Force data showing Victoria’s unemployment rate fell to 5.7 per cent.

More than 70,000 jobs have been created since October 2016 and more than 266,000 since the Labor Government was elected in November 2014.

Quotes attributable to Treasurer Tim Pallas

“This data once again shows the strength of Victoria’s economy, and reinforces the direction we’ve steered our economy across three successive budgets – with a focus on the infrastructure and services Victorians need.”

“Victorians have every right to be optimistic in our great state, as we work tirelessly grow Victoria’s economy jobs and opportunities.”