The latest ANZ Stateometer report has detailed the scope of the economic disaster that Melbourne is suffering.
ANZ predicts Victoria to be the only state's economy (Gross State Product) that will shrink in 2020-21 financial year, while every other state and territory is predicted to grow.
The report for the final quarter of 2020 also shows that Victoria's economy is still lagging behind that of the rest of the country.
Details in the report demonstrate the unfolding economic disaster, particularly in Melbourne. According to the report, employment in Melbourne fell by more than any other capital city in 2020, with a reduction of 2.5 per cent.
Victorian house values and leases also fell, and Melbourne was the only capital city where residential approvals fell in the last three months of 2020, down almost 40 per cent.
The Andrews Labor Government's mistakes in hotel quarantine led to Victoria being the only state in the country to endure three lockdowns.
The Liberal Nationals released a comprehensive plan to get VictoriaBack to Work and Back in Business. Labor has no plan to fix our economy.
As stated by Shadow Treasurer, Louise Staley:
"This report from ANZ confirms that Melbourne is facing its biggest economic crisis in a generation.
"Employment, house values, housing approvals and leases have all fallen. These are the signs of a city suffering an economic disaster, causing the entire state's economy to shrink.
"Melbourne is the engine room of the Victorian economy. Despite the clear and obvious signs of a city in severe economic distress, the Andrews Labor Government have no plan to get Melbourne's CBD back to work.
"With the constant threat of lockdowns hanging over us, it is easy to see why businesses are reluctant to invest in Melbourne.
"There needs to be a plan to get Melbourne's economy going again so the people of Melbourne can get back to work and back in business."
