Victoria Treasurer Tim Pallas

Victoria’s Economy Continues To Deliver

Victor P Taffa

Victoria’s economy continues to set the pace, recording the highest rate of growth for state final demand in the nation over the year to December 2018.

Australian Bureau of Statistics data today confirmed Victoria’s state final demand grew by 5.2 % over the year, the highest growth rate of all the states and more than double growth in national final demand, which grew by just 2.5 %.

“Today’s figures are a testament to our impressive track record in managing the Victorian economy.” Treasurer Tim Pallas said.

“Pace at which business and the Andrews Government are investing in Victoria is not letting up and our economy continues to thrive as a result.”

Victoria’s strong annual result was driven by growth in business investment up 19.5 % and the highest amongst the states dwelling investment (up 9.5 %) and public demand (up 4.5 %).

In the December quarter, Victoria’s state final demand grew by 0.6 % double national average growth of just 0.3 %.

Since the December quarter of 2014, when the Andrews Government was first elected, Victorian state final demand has grown by 19 % the highest increase of all the states during this period and almost double the growth in national final demand.

Annual pace for Victoria’s state final demand hasn’t dipped below 3 % growth since the State Government was elected, outperforming the national average every time.

Over the 4 years to 2017-18, Victoria contributed 31 % to national economic growth, well above its share of the economy (23 %) and almost 38 % of national employment growth.

In fact, more than 440,000 people have found a job in Victoria since November 2014.