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Economy Victoria

Victoria’s economy experiences the strongest growth out of all states

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Out of all of the states in Australia, it is reported that Victoria’s economy will have the strongest comeback in the next financial year. 

Deloitte Access Economics’s March report showed that Victoria’s economy was recovering greatly after coronavirus pandemic. The state’s Gross State Product is expected to increase by 6.3 per cent in 2021-22, well above the forecast increase in Australia’s GDP of 4.1 per cent.  

“Victoria is predicted to have the nation’s highest economic growth next financial year – that’s a credit to the hard work of Victorians and the fundamental strength of our economy.” Treasurer Tim Pallas said. 

Thanks to every single Victorian who played their part in staying the course during the coronavirus pandemic, all of their efforts in maintaining the economy have paid off. More than 236,000 people have found a job in Victoria since September 2020, according to the latest data from the Australian Bureau of Statistics. 

This huge boost in employment showed that Victoria is more than half way to its target of creating 400,000 jobs by 2025. Meanwhile, Victoria’s unemployment rate fell to 5.6 per cent in February 2021, having peaked at 7.5 per cent in June 2020. 

The Andrews Labor Government‘s financial support played a significant role in the recovery of the state’s economy. In fact, they have provided more than $13 billion to help communities and businesses get through the pandemic. 

Aside from this, the Labor Government recently released another 50,000 regional travel vouchers in its third round of the scheme as an additional stimulus to assist struggling sectors like tourism.

Victoria’s economy had a lot of momentum heading into the coronavirus pandemic – growing faster than the national average now for a decade. 

“These predictions of strong rises in household spending and business investment show that our recovery plan is on the right track as Victoria moves from strength to strength.” said Treasurer Tim Pallas.

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