Andrews Labor Government Victorian Economic Achievements

Updated May 2019:

Economy:

  • Victoria’s economy is the powerhouse of the nation – with real gross state product growth the fastest of any state
  • Victoria has retained its triple-A credit rating
  • Real Gross State Product growth of 3.3%, above the national average of 2.1% and higher than the 2% average recorded by the previous Coalition Government
  • Positive contribution from household consumption, dwelling investment and business investment
  • Economic growth is expected to remain above 2.75% in 2019-20
  • Victoria’s nominal Gross State Product was $407 billion in 2016-17

Jobs:

  • Over the past four years more than a third of all new jobs in Australia have been created in Victoria
  • Employment increase of 370,000 people (12.6%) since the Andrews Government election in 2014, compared to 129,000 for entire Coalition Government term
  • Current unemployment rate of 4.9%,  below the 6.7% recorded when the Coalition lost government
  • Current participation rate of 65.7%, higher than the 64.6% recorded when the Coalition lost government
  • Since coming to office, the Andrews Labor team have created  455,000 jobs, with one in every ten jobs in the Victorian economy now in the construction industry.

Population:

  • Victoria’s population was 6.27 million million in 2018
  • Victoria’s population increased by 143,400 persons in the year to December 2017
  • Victoria’s population growth rate (2.55% annually) was the highest of all states and territories in 2018

Retail and prices:

  • Retail sales were up 5.8% over the year to June 2018, the highest of the  mainland states and above the national average of 2.9%
  • Inflation (CPI) rose by 0.4% in Melbourne in the June quarter 2018
  • The value of Victorian retail sales increased by 1.1% in June 2018, above the national average of 0.4%

Building approvals and activity:

  • Victorian building approvals set a new calendar year record of $40 billion in 2017
  • The value of Victorian building approvals was $420.3 billion in the year to June 2018
  • The value of residential building approvals are at a record high of $27.6 billion, while non-residential approvals were valued at $14.7 billion in 2017
  • Over the year to June 2018, the number of dwelling unit approvals increased 4.1%
  • In June 2018, Victoria had the second highest number of dwelling approvals among the mainland states, contributing 28.3% of Australia’s total dwelling unit approvals

Infrastructure Projects:

  • In 2019 the value of transport infrastructure projects was $57 billion
  • The 2018-19 Budget invests more than $13 billion in infrastructure projects that will create thousands of jobs for Victorian’s, including in regional areas
  • Total infrastructure investment committed by the Government is expected to support the creation of over 75,000 new jobs
  • The Government’s commitment to delivering infrastructure will grow our economy, create and protect jobs and deliver benefits for Victorians well into the future

Complete:

  • Joan Kirner Women’s and Children’s Hospital
  • CityLink-Tulla Widening (Bulla Road to Power Street)
  • Melbourne Metro Tunnel project (Early Works)
  • West Gate Tunnel (Webb Dock Access Improvements)
  • West Gate Tunnel (Monash Freeway Stage 1 Upgrade)
  • Melbourne Convention and Exhibition Centre – Stage 2

In Delivery:

  • Melbourne Metro Tunnel project (Tunnel and Stations)
  • Melbourne Metro Tunnel project (Rail systems)
  • 65 new high-capacity metropolitan trains
  • Ballarat Line upgrade
  • Chandler Highway upgrade
  • CityLink-Tulla Widening (Melbourne Airport to Bulla Road)
  • Cranbourne Pakenham and Sunbury line upgrades
  • Drysdale Bypass, High St upgrades
  • Echuca-Moama Bridge, early works
  • Level Crossing Removal project
  • Hurstbridge rail line upgrade (delivered by LXRA)
  • Frankston Line stabling (delivered by LXRA)
  • M80 upgrade Sunshine Ave to Calder Freeway
  • Melbourne Rail Extension project
  • Mernda Rail extension project
  • Murray Basin Rail Project
  • Thompsons Road Duplication
  • West Gate Tunnel
  • Western Highway duplication – Beaufort to Ararat
  • Western Roads Upgrade (Outer suburbs arterial roads)
  • Yan Yean road duplication – Stage 1
  • Casey Hospital expansion
  • Goulburn Valley Health (Shepparton) redevelopment
  • Royal Victorian Eye and Ear Hospital redevelopment
  • New Youth Justice facility

Planning:

  • Echuca-Moama Bridge, planning for D&C of bridge crossing
  • Gippsland Rail Upgrade
  • M80 Ring Road upgrade (Sydney Rd to Edgars Rd)/(Plenty Rd to Greensborough Hwy)
  • Monash Freeway Upgrade – Stage 2
  • North East Link
  • Regional rail stabling and train maintenance facility
  • Ballarat Base Hospital expansion
  • Northern Hospital Inpatient Expansion – Stage 2
  • Wonthaggi Hospital expansion
  • Melbourne Park redevelopment – Stage 3
  • Shepparton Line Upgrades
  • Warrnambool Line Upgrade (Regional Rail Revival)

In Procurement:

  • Drysdale Bypass upgrades
  • M80 Ring Road upgrade (Princes Fwy to Western Hwy)
  • Melbourne Metro Tunnel project (Rail Infrastructure)
  • Mordialloc Bypass
  • Victorian Heart Hospital
  • Suburban Roads Upgrades (Northern, South Eastern)