Victorian state final demand (SFD) increased by 0.7 percent over the March quarter, and rose by 1.8 per cent over the year, according to the Australian Bureau of Statistics (ABS).
Treasurer Michael O’Brien said today’s result shows that the Victorian Coalition Government has the right policies in place to manage the state’s finances and grow Victoria’s economy.
“Today’s figures demonstrate that businesses and consumers have the confidence to invest in Victoria,” Mr O’Brien said.
“Victoria’s quarterly growth (0.7 percent) was much stronger than the Australian average domestic final demand growth (0.3 per cent), and second strongest of the mainland states.
“Over the year, Victoria also outperformed the national average for final demand, growing by 1.8 per cent as against 1.6 per cent”, Mr O’Brien said.
Today’s ABS figures follow other positive news regarding Victoria’s economic performance.
“We have seen retail sales in Victoria increasing by 7.2 per cent over the year, which is the strongest annual growth in retail turnover since September 2009,” Mr O’Brien said.
“The number of Victorian dwelling unit approvals increased strongly in April to be up 14.8 per cent over the month and year respectively. This represents the largest monthly rise among the mainland states and is a sign of confidence in Victoria’s economy.
“While the Coalition Government is delivering a $27 billion job-creating infrastructure program that will continue to drive economic growth in this state, Daniel Andrews and Labor oppose every single major infrastructure project being delivered,” Mr O’Brien said.
“Daniel Andrews and Labor cannot be trusted to deliver the infrastructure Victorians want, or to manage Victoria’s finances. Labor is not fit to govern this great state.”