Victoria’s Retail Trade Leads All States Over The Year To March 2018

Victoria’s Retail Trade Leads All States Over The Year To March 2018

Victoria Treasurer Tim Pallas

Australia’s Food And Fashion Capital Tops Retail Trade

Victor P Taffa

Victoria’s retail trade growth was the highest of all the states over the year to March 2018, confirming once again our status as the nation’s food and fashion capital.

“This is more good news for Victoria, more good news for job creation and more good news for businesses looking to prosper.” Treasurer Tim Pallas said.

“Victoria is the fastest growing economy in the nation, with more than 333,000 new jobs since we were elected almost 200,000 of which are full time.”

Australian Bureau of Statistics (ABS) data released today confirms that Victoria’s retail trade grew by 5.5 % over the year to March the highest of all the states and well above the national average of 3.1 %.

This equates to retail turnover of $80.2 Billion across the year, accounting for 25.6 % of the national turnover.

Total retail turnover in Victoria for March was $6.8 Billion or 25.9 % of national turnover.

In addition, Victorian retail volumes grew by 0.9 % in the March quarter, and 4.8 % over the year the highest growth of all states.

By comparison, national retail volumes grew by just 0.2 % in the March quarter, and 2.6 % over the year.

Key drivers of annual retail trade growth in Victoria include:

  • Clothing, footwear and personal accessories (10 %),
  • Cafes, restaurants, and takeaway food (5 %),
  • Household goods retailing (4.9 %).