Victoria’s economy continues to set the pace nationally, with our domestic final demand the highest of all the states.
New ABS data shows Victoria’s state final demand grew 1.9 per cent over the year – the highest growth of the mainland states – and almost double the national final demand, which grew by 1.0 per cent.
In the June quarter, Victoria’s state final demand grew by 0.5 per cent – above the national average of just 0.3 per cent.
The quarterly growth in Victoria was driven by growth in public demand (up 4.1 per cent) – the highest amongst the states – and household consumption (up 0.4 per cent).
It’s the latest positive economic result for the Andrews Labor Government, which has grown jobs by 477,000 since November 2014 and almost tripled the average infrastructure investment.
Our unprecedented pipeline of transport projects means we are investing an average $13.4 billion over the next four years, nearly triple the $4.9 billion average from 2005-06 to 2014-15.
Annual growth has always been ahead of the national average since the Labor Government was elected.
As noted by Treasurer Tim Pallas
“These new figures are another tick in our economic report card – we’re making the investments that will transform our state and keep our economy ahead of the pack.”
“The pace at which business and the Andrews Labor Government are investing in Victoria is not letting up and our economy is thriving as a result.”