Damning report card on Victoria’s economic performance

Victoria is falling behind the rest of Australia, as revealed by a damning report released today.


The Commsec State of the States report compares all Australian states across eight indicators; Economic growth, Retail spending, Equipment investment, Unemployment, Construction work, Population growth, Housing finance and Dwelling starts.


Victoria was disappointingly ranked equal fifth overall in September, with South Australia, coming after Tasmania in first place, the ACT in second place and New South Wales and Western Australia in equal third place.


Victoria does not lead on any indicator. Instead, the Victorian economy shrank by 1.6 per cent over the last 12 months.


Victoria was also the only state that recorded a contraction in population over the last 12 months.


ABS jobs data shows serious falls in employment through September in comparison to August with 108,600 fewer Melburnians employed – a 4 per cent fall in one month.


A shrinking economy and a shrinking population base leads to shrinking demand and ultimately job losses which will hurt Victorian families, Victorian workers, Victoria’s prosperity and opportunities for our kids and grandkids.


Comments attributable to Shadow Treasurer, David Davis:


“The State of the States report is, in effect, a report card on economic performance. Under Daniel Andrews, Victoria is coming almost at the bottom of the class.


“These results are truly damning of Labor’s economic mismanagement of the state. Victoria is smaller and opportunities for Victorians are fewer, thanks to Labor’s disastrous economic management.


“Labor can’t manage major projects, they can’t manage money and they can’t manage the economy.”