The latest ANZ Stateometer report for June 2019 released overnight showing the Victorian economy lagging behind other states is cause for concern. Consumer, housing, business, and trade sectors are all contributing to Victoria’s economic slowdown.
The ANZ noted that “Victorian economic activity was below trend and grew at a decelerating rate in the quarter”.
Consumer confidence also “fell to the lowest in around two years in the quarter” while Victoria’s Gross State Product had slipped to a forecast 2.5% p.a. for 2019-20 in contrast to 3.5% p.a. back in 2017-18.
Is it any wonder our economy is not as strong as it once was with Victoria continuing to be the highest taxing state in Australia thanks to Daniel Andrews’ more than 20 new and increased taxes since first elected.
A slowing Victorian economy is further bad news for Victorians struggling to keep on top of Daniel Andrews high energy prices and record taxes.
Louise Staley Shadow Treasurer