Latest CommSec State Of The States Report Has Victoria Leading

Latest CommSec State Of The States Report Has Victoria Leading

Victoria Treasurer Tim Pallas

Victorian Economy Tops The National Rankings

Victor P Taffa

Victoria has the nation’s strongest jobs market, economic growth, retail trade and construction work done, according to the latest CommSec State of the States report.

“These results are more great news for Victorians and point to the strength of our economic management.” Treasurer Tim Pallas said.

“When the Victorian economy is thriving, Victorians are thriving, benefiting from the best jobs market in the nation and unprecedented infrastructure investment.”

Released today, the report shows Victoria’s economic activity was 26.9 % above its decade-average output, the best result in the nation and 1.5 percentage points ahead of New South Wales in the December quarter.

Victoria’s unemployment rate is sitting at just 4.6 % a total of 18.7 % below the decade average, the strongest result in the country.

Victoria also experienced the nation’s highest wage growth of 2.7 % in the year to December.

Construction work done across the state was 33.1 % above the decade average and once again outperformed the nation.

This is no surprise given the Andrews Government has more than doubled infrastructure investment to an average of $10.6 Billion over the 4 years to 2021-22 compared to the long-run average.

State of the States report also confirmed Victoria held top position on the retail trade rankings, with spending 17.7 % above decade-average levels in the December quarter.