The Victorian government has reported that its economy is strong, growing and well equipped to meet current and future challenges according to their 2017‑18 Mid‑Year Financial Report. Net infrastructure investment for the general government sector totalled $4.7 billion over the six months, up $700 million on the previous period.
Treasurer Tim Pallas released the report, which shows an operating surplus for the General Government sector of $950 million for the six-month period ending 31 December 2017.
Pallas said, “Victoria’s economy is the envy of the nation with more than 316,000 jobs created since November 2014 and a solid infrastructure pipeline including the Metro Tunnel, the West Gate Tunnel and level crossing removals.”
A solid contributor to the strength of Victoria’s economy is the Andrews Labor Government’s record investment in major infrastructure projects, including the Metro Tunnel, level crossing removals and West Gate Tunnel.
The government’s annual infrastructure investment will average $10.2 billion over the next four years – more than double the average during the previous 10 years.
This has led to record jobs growth, with more than 316,000 jobs created in Victoria since November 2014 – more than anywhere else in the nation.
Victoria’s economic strength is also reflected in the state’s building approvals, retail trade and export figures, all of which are growing at the strongest annual pace in mainland Australia.
Crucially, net debt remains consistent with Budget forecasts, which ensures Victoria remains one of two Australian states with a triple-A credit rating from both major credit rating agencies.