Wednesday, April 24, 2024

Victoria tops nation in CommSec State of the States

Victoria’s economy is the best overall performing in the nation according to the CommSec State of the States Report released today.

Victoria has the strongest jobs market, the quarterly report found, following recent Australian Bureau of Statistics (ABS) figures revealing the state’s unemployment rate is at a near 50-year low of 3.2%.

Acting Treasurer, Danny Pearson said the report reinforced recent ABS jobs results which confirmed Victoria delivered the biggest jobs growth of all the states in June, with more than 28,000 new jobs, boosting the total number of Victorians in work to a record high of more than 3.54 million.

“We’re leading the nation with strong jobs growth, buoyant retail spending and construction activity that delivers benefits across the state,” Mr Pearson said.

“We backed businesses and workers during the pandemic and the result is an economy that has rebounded strongly and provides great confidence for the future.”

He said Victoria had led the nation in new jobs since September 2020, with nearly 350,000 jobs created.

Retail spending in Victoria was up by more than any other state in the March quarter relative to decade-average levels, the CommSec report found, driven by a solid job market, low interest rates and strong building activity. Victoria also led the nation for annual growth of retail trade – up 6.9%.

The finding is consistent with ABS figures released last month that showed Victorian State Final Demand soared by 2.4% in the March quarter – the best performance of all the states on the key measure of economic activity and twice the level of NSW.

Victoria also scored highly in the CommSec report on construction work done and was the only state to record an increase in construction activity in the first three months of the year, with other states and territories posting falls in work done during this period.

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