New South Wales economy surges while Victoria slumps

The latest National Accounts figures show Victoria’s economy shrinking by 0.1 per cent in the December quarter while the same figures demonstrates the New South Wales economy grew by 0.5 per cent.

These new figures come on the back of the most recent unemployment data showing Victoria’s unemployment rate at 5.4 per cent is above the national average of 5.3 per cent and well above that of NSW rate of 4.5 per cent.

This means Victoria is now staring down the barrel of a recession while Victorians pay the highest taxes in Australia and the state’s debt is doubling.

Last month Treasurer Tim Pallas admitted he is looking to cut $4 billion from state expenditure, when the National Accounts show this is not the time to add even more pressure to the state’s ailing economy.

The Andrews Labor Government has been unable to rule out cuts to health, education and the environment.

Comments attributable to Shadow Treasurer, Louise Staley:

“Daniel Andrews’ poor and reckless financial management is starting to hurt all Victorians with his list of new and increased taxes continuing to grow.

“It’s not good enough for Treasurer Tim Pallas to downplay the seriousness of economic decline in Victoria when we are seeing more people unemployed, greater uncertainty and a steadily increasing cost of living.”

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