Victoria Acting Treasurer Ben Carroll

Driving The Economic Boom In Victoria

Victor P Taffa

Andrews Government is delivering huge boosts to local engineering construction and building activity, with Victorians feeling more confident about their financial future, according to the latest data.

Australian Bureau of Statistics (ABS) today confirmed Victorian engineering construction activity was valued at a total $16.7 Billion in the 12 months to September 2018 the highest Victorian total on record.

“We’re delivering a huge pipeline of investment for the future of the state breaking the record books and ensuring Victorians feel more confident about their future.” Acting Treasurer Ben Carroll said.

“These results are a fantastic start for Victorian economy in the new year, as we continue to bolster the nation with our strong economic growth.”

Over the year, Victoria’s engineering construction activity increased by 26.8 % the highest result of the mainland states while the national average dropped a massive 34 %.

Victoria’s building work done totalled more than $36 Billion over the year to September, according to the ABS data the highest value on record for the state.

National average value of building work done increased just 3.5 % during the year to the September quarter, while the Victorian value increased by more than double at 8.1 %.

Victorians are also more confident, with today’s results from Westpac Melbourne Institute showing Victoria’s consumer sentiment index rose by 3.1 % in January to 106.6, the second highest result of the mainland states.

Meanwhile, the national average fell significantly by 4.7 % to 99.6 over the month.

In particular, Victorians were feeling more confident about their ‘family finances vs a year ago’ (up 13.4 %), ‘family finance next 12 months’ (up by 4.7 %) and ‘time to buy major household items’ (up by 2.8 %).

Since the Andrews Government was first elected in 2014, Victoria’s consumer sentiment has risen by a total of 15.4 % well above the national average, which has increased only 3.1 % during this time.