ANZ’s Stateometer report that was released earlier this week has indicated that Victoria is the only state economy in Australia that has grown above trend for two consecutive years.
According to a media release by the Victorian government, housing, the labour market and trade were all positive contributors to the index in the quarter.
The report also showed positive growth in Victorian household spending over the past three months, with motor vehicle sales growing by five per cent each year.
Treasurer Tim Pallas said, “The investment and strong fiscal discipline of the Andrews Labor Government is allowing Victoria to shine as the nation’s economic engine room, with almost a quarter of a million jobs created since November 2014.”
The strong household spending results are underpinned by strong population growth, which is backed by the Labor Government’s record investment in schools, hospitals, roads and public transport.
According to the report, Melbourne was recently named the World’s Most Liveable City for the seventh straight year, achieving a perfect score for infrastructure, education and healthcare – and the Labor Government is investing to keep it that way.
In regional Victoria, the Labor Government is slashing payroll tax, boosting jobs and delivering $1.6 billion in rail upgrades to better connect regional communities to work, education and each other.
These investments boost economic output and reduce impediments to growth, enabling businesses to expand, take on new workers and reskill existing employees.
The Stateometer also shows businesses are reporting strong conditions, which are close to a 10-year high in the recently published NAB Monthly Business survey.
The ANZ Stateometer is a measure of economic performance across states and territories using 37 monthly indicators, covering labour market conditions, household and business activity, housing and trade.