Victoria Charging Ahead In The Economic Premiership Stakes

Victoria Charging Ahead In The Economic Premiership Stakes

Victoria Treasurer Tim Pallas

Victoria’s Economy Leading The Nation

Victor P Taffa

Victoria’s state final demand for the financial year 2015-16 has grown by a strong 4.0 %, the highest among the states and the strongest result since 2007-08, according to the latest Australian Bureau Of Statistics (ABS) figures.

“Today’s numbers confirm once again that Victoria is resuming its rightful place as the engine room of the national economy, which is why we’ve been able to put on 150,000 jobs since the Andrews Government came to power.” Treasurer Tim Pallas said.

“We are investing in our infrastructure and the skills and health of our people, work that has seen the Victorian economy go from strength to strength.”

 

The State’s strong AAA-rated economy also outperformed the national average over the year to June 2016, with the state final demand more than double the nation’s figure.

“The momentum of economic growth in Victoria is the fastest and strongest in the nation.” Treasurer Pallas said.

Victoria’s state final demand grew by 1.1 % in the June quarter, the equal highest growth in final demand across the states.

Leading performance indicators were dwelling investment, which grew by 14.5 % over the year, household consumption (3.2 %) exports (0.9 %).

The strong economic data is consistent with the strong jobs growth since the Andrews Government was elected, with the Victorian economy putting on more than 150,000 new jobs in that time.

Nationally, Australian final demand increased by product increased by 0.5 % in the June quarter and 1.2 % over the year.

State final demand is the total amount of goods and services used in the economy, incorporating household consumption, business investment, dwelling investment and government expenditure.