Economic growth, retail spending and a huge pipeline of construction and maintenance works across Victoria’s schools, roads and transport networks – has placed Victoria as the best performing economy in Australia, despite national and global economic headwinds.
Member for Northern Victoria, Mark Gepp MP welcomed the latest CommSec State of the States report – which shows Victoria is bucking the trend from lagging national growth and a weaker national and global financial outlook – by performing stronger and better than other States and Territories.
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 is the seventh quarter in a row that Victoria has topped the report.
The report also 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 Mark Gepp MP, Member for Northern Victoria
“This report confirms Victoria’s economy continues to lead the nation, but we won’t rest on our laurels – we want to keep it that way by making the necessary decisions to keep the economy strong.”
“This is great news for individuals and families across Northern Victoria. With Free TAFE and our huge investment in kindergartens, schools, hospitals, transport and roads – we are leading the way by creating jobs and stimulating the economy to keep Victoria’s economy strong.”