Retail Sales In Victoria Up By 4.9 % Year To November 2017

Retail Sales In Victoria Up By 4.9 % Year To November 2017

Victoria Treasurer Tim Pallas

Victorian Retail Sales Outpace The Nation

Victor P Taffa

Steady flow of strong economic data has continued, with retail sales figures today showing that the value of Victoria’s retail sales grew faster than the national average and the equal highest among the states in November 2017.

“This is yet another key indicator that Victoria is a great place to do business, supported by a strong economy and healthy consumer sentiment.” Treasurer Tim Pallas said.

“With 319,100 jobs created since November 2014, more than anywhere else in the nation over the same period, Victoria’s economy remains the envy of the nation.”

Figures released by the Australian Bureau of Statistics (ABS) showed that in the year to November 2017, Victorians spent a record $78.9 Billion on retail sales.

Victoria’s retail sales increased by 4.9 % over the year compared to a national increase of just 2.9 %.

For the month of November, Victorian retail sales came in at $6.8 Billion, more than a quarter of total Australian retail sales for the month and underlining the strength of Victoria’s economy and our jobs growth.

Driving growth in the month was ‘other retailing’ (which includes pharmaceutical and recreational goods), department stores, and household goods.

Cafes, restaurants and takeaway food subsector grew by 1.6 % in the month, and 4.8 % over the year to November, both stronger than the national average.

These results follow news this week that Victoria recorded the strongest growth in building approvals across the nation in November a 28.5 % boost bolstering housing supplies and making an important contribution to the State’s economy.