Victorian Economic Growth Outpaces National Trend

The latest ANZ Stateometer Report released on 23 May shows Victoria’s economic activity is growing faster than the Australian trend, and bucking the trend of other major states including NSW. Factors at play include strong public and private investment, and continued population growth. The Stateometer is a measure of economic performance across Australian states and territories, measuring 37 economic indicators, covering labour market, household and business activity, housing and trade. Local Victorian firms are reporting the strongest business conditions in 18 years, attributed to payroll tax cuts and lifts in office building construction approvals. The report says “Victoria’s economic success over recent years has been multifaceted,” with 3 years of strong economic performance.