Andrews Labor Government Victorian Economic Achievements

Updated August 2018:

Economy:

Victoria’s economy is the powerhouse of the nation – with real gross state product growth the fastest of any state
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
As set out in the 2018-19 Budget, economic growth is expected to remain above 3% in 2017-18
Victoria’s nominal GSP was $407 billion in 2016-17

Jobs:

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 5%, below the 6.7% recorded when the Coalition lost government
Current participation rate of 65.6%, higher than the 64.6% recorded when the Coalition lost government
Current job vacancies at 62,500, higher than the 33,300 recorded when the Coalition lost government
Since November 2017 233,700 full time jobs have been created

Population:

Victoria’s population was 6.39 million in December 2017
Victoria’s population increased by 143,400 persons in the year to December 2017
Victoria’s population growth rate (2.3% annually) was the highest of all states and territories in the year to December 2017

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:

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:

In Delivery:

Planning:

In Procurement:

Cesar Melhem