Victoria’s Economy Surges Ahead With SFD Growth At 4.7% Year To September 2017

Victoria’s Economy Surges Ahead With SFD Growth At 4.7% Year To September 2017

Victoria Treasurer Tim Pallas

Victoria’s Economy Outperforming All Other States

Victor P Taffa

Victoria’s economy is booming with state final demand (SFD) growth the strongest in the nation at 4.7 % over the year to September 2017.

New data released by the Australian Bureau of Statistics (ABS) today shows that, nationally, domestic final demand was just 3.2 % for the same period.

Over the year, household consumption and public investment in Victoria had the highest growth in the nation, with public investment up 19.4 %.

“This rounds out another stellar year for the Victorian economy and shows that this Government is taking action where it matters driving job creation, boosting business conditions and building transformative infrastructure.” Treasurer Tim Pallas said.

“As we continue to invest in Victoria’s future prosperity, we’re creating economic momentum and thousands of jobs for Victorians, with more than 266,000 new jobs created since we were elected.”

Today’s outcome is a direct result of the Andrews Government’s unprecedented infrastructure program, which is creating tens of thousands of jobs and boosting confidence across Victoria.

In the year to September 2017, Victoria piled on more than 114,000 new jobs, with almost 80,000 of those jobs full time.

Strong data is in direct contrast to the limp growth seen under the former Liberal Government, when SFD averaged under 2 % per year.

Since the Andrews Government was elected, SFD growth has averaged 4.4 %.

Quarterly growth in Victoria’s state final demand was also driven by business investment up 5.7 % echoing yesterday’s ABS Goods and Services export data, which showed a 10.6 % annual boost, taking total Victorian exports to almost $50 Billion.

In more positive news, the Real Estate Institute of Australia reported today that housing affordability in Victoria has improved, while the number of loans to first home buyers increasing by 32.2 % in the quarter, coinciding with the State Government’s cuts to stamp duty for first home buyers.

Today’s exceptional results are further bolstered by recent ABS data that showed the total value of Victorian building approvals was up 67.2 % over the year.

This is the second biggest annual increase among Australian states and far outstrips the national increase of 26.2 % during the same period.