Melbourne: Victoria has the fastest annual economic growth rate in the nation, according to the CommSecState of States report released on July 25.
Victoria’s economy has grown by 3.6 per cent over the last year, faster than any other state, while also leading the way in population growth, and performing strongly in retail trade, business investment, construction work and housing finance, an official press release said.
Retail spending in Victoria is also 14.5 per cent above decade-average levels, which was supported by home building and robust employment.
Victorian construction work is 6.1 per cent higher than a year ago while dwellings under construction are 36.2 per cent above the decade average.
The CommSec State of the States report has further reiterated recent data from the Australian Bureau of Statistics Labour Force and the NAB Business Survey which show Victoria is leading the way nationally.
The NAB Business Survey showed Victoria’s business conditions rose strongly in the June quarter, growing +7 index points to +18 index points, 10 points higher than a year ago.
Meanwhile, the ABS figures showed strong employment growth in regional areas during the past three months.
Across Victoria, there are 147,000 more people in work than in November 2014, with more than 112,000 of those jobs full time.
Treasurer Tim Pallas said, “The trend is clear – Victoria is fast emerging as the nation’s leading economic powerhouse with jobs, construction, retail trade and business conditions all on the rise. The resilience and strength being displayed by the Victorian economy is providing opportunities and jobs across the state, and positioning us well for the challenges that lay ahead.” (TIW)