Victorian retailers are powering into the busy Christmas trading period, recording the highest retail trade growth in the nation.
The Andrews Labor Government’s strong economic management is delivering more jobs, strong growth for businesses and record levels of goods exports.
The Australian Bureau of Statistics today confirmed Victoria’s retail trade increased by 6.4 per cent over the year to October, the highest growth of all states and well above the national average of 3.6. per cent.
These exceptional results are good news for retailers in the lead up to Christmas and reflect strong growth across the Victorian economy.
With massive annual retail sales of $82.8 billion, Victoria contributed 25.9 per cent of total national retail sales for the year – another sign of strength in the state’s economy.
Leading into the festive season, Victorian retail trade was up 0.6 per cent in the month of October, with a total retail turnover of $7.1 billion, in comparison national retail trade growth increased by just 0.3 per cent.
The strongest annual retail trade growth was in the sectors of ‘clothing, footwear and personal accessories’ (10.3 per cent) and ‘other retailing’ (8.4 per cent including pharmaceutical goods).
Meanwhile in more good news released today, Victoria’s goods exports totalled more than $27 billion over the year to October, the highest on record for the state.
Victoria is the nation’s largest food and fibre exporter, contributing 25 per cent of Australian food and fibre exports, while accounting for just 3 per cent of the nation’s landmass.
As stated by Treasurer Tim Pallas
“As Christmas approaches, consumer and businesses confidence is high and our economy is thriving.”
“Crucially, the growth in international trade reflects an economy that is diversifying, expanding and attracting new investment.”