Strong Economic Growth For Victoria

Strong Economic Growth For Victoria

Victoria Treasurer Kim Wells

National Accounts Show Strong Growth For Victoria’s Economy

Victor P Taffa

Today’s National Accounts data released by the Australian Bureau of Statistics shows that Victoria’s economy grew by 0.6 % in the quarter to be 2.3 % higher over the year.

Treasurer Kim Wells said today’s National Accounts demonstrate the strength of the Victorian economy including high levels of confidence and resilience in the face of global economic challenges.

“Importantly, Victoria’s strong economic performance was driven by private sector growth, with private final demand growing by 0.9 % in the quarter.” Mr. Wells said.

Victoria also recorded the equal highest rise in household consumption, growing by 1.8 % in the quarter to be 3.8 % higher over the year.

“Victoria continues to lead the country in new housing investment which is also good new for our construction sector.” Mr. Wells said.

Victoria’s quarterly dwelling investment in seasonally adjusted nominal terms was $5.8 Billion, compared with $4.9 Billion in NSW and $3.7 Billion in Queensland.

“Despite the challenges of the high Australian dollar, Victoria also record strong export growth of 6 % in the quarter.” Mr. Wells said.

“The Coalition Government is focused on growing Victoria’s economy through increased business investment, productivity growth and job creation.” Mr. Wells said.