Victorian Consumer Sentiment The Highest In The Nation

Victorians have every right to feel confident, the Treasurer Tim Pallas said today, after the Westpac Melbourne Sentiment Index showed that Victoria leads the country in terms of positive consumer sentiment.

The result indicates that Victorians feel very confident about the economy for the next 12 months – and for the next five years.

The Treasurer said that with some of the strongest employment growth in the country, steady economic growth, and strong surpluses across the next four years, Victorians had reason to be confident about the state’s prospects.

Victoria, at 107.5 enjoys the highest measure in the nation and is one of three mainland states with an index above 100, leading NSW at 106.4 and Western Australia at 104.7. Queensland recorded a decrease of 6.2 per cent, while South Australia remains the most pessimistic at 83.0.

Nationally the Consumer Sentiment Index increased 3.9 per cent to 101.7 points.

A measure above 100 indicates that the number of people answering the survey who are optimistic exceeds the number that are pessimistic.

The Victorian Consumer Sentiment Index increased by 8.6 per cent in November, following on from an identical rise in October.

Victoria’s increase in November was the second strongest in the nation, behind only Western Australia at 10.4 per cent.

Four of the five measures for Victoria increased in November. The largest increase of 30.9 per cent was recorded in the item reflecting economic conditions for the next five years. This was mirrored by an increase of 14.1 per cent in the component index for economic conditions for the next 12 months.

 

Quotes attributable to Treasurer Tim Pallas

“The result provides solid evidence that the stable economic stewardship of the Andrews Labor Government continues to create and inspire confidence in the Victorian economy. Strong confidence in the economy translates into more jobs and more opportunities for Victorians.”

“Victoria is hitting its collective stride again, after four years bereft of leadership and vision.”

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