Victorian Economy Kicking Goals

The Victorian economy continues to show signs of strength and dynamism, with the latest National Accounts released by the Australian Bureau of Statistics (ABS) showing that state final demand for Victoria rose 0.9 per cent for the June quarter, and was up 3 per cent from the previous year.

Victoria’s quarterly result was the second highest among the states, behind only Western Australia. Victoria’s state final demand for the first six months of the year of 2.6 per cent is the highest of all the States, well ahead of New South Wales (1.7 per cent).

Quarterly gains were recorded in business investment, public demand and household consumption.  Private gross fixed capital formation increased 1.5% due to a jump in engineering construction.

This is the latest in a series of announcements that underline the strength and resilience of the Victorian economy.

Yesterday, ABS data showed that new home approvals were up 8.7% for the month of August, and building approvals were up 22.7% for the year.   Further it showed that over the twelve months to July 2015, Victoria had the highest value of total building approvals and the highest number of dwelling unit approvals (contributing 30 per cent of Australia’s total dwelling unit approvals).

It is a further sign that Victoria is regaining its momentum after four years of inaction by the previous Liberal Government. Under their tenure, unemployment rose, growth stagnated and private capital investment declined substantially.

The Andrews Labor Government is dedicated to an agenda that focuses on jobs and building a people powered economy.

Before the election, we promised Victorians that jobs would be a focus, and already, we are seeing signs of improvement. The unemployment rate in Victoria is already down from 6.9% to 6.4%., with 55,600 jobs created since the election.

Quotes attributable to Treasurer Tim Pallas

 “After four years of inaction by the previous Liberal Government, the Andrews Labor Government was elected with a clear mandate to get Victorians back to work, and get the economy moving again, and we are delivering on that mandate.”

“We are focusing on investments that will build economic capacity and create jobs to keep Victoria growing.”

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