Victoria’s economy continues to grow; business investment up
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14 November 2008
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Victoria’s economy grew by 3.2 per cent in the 2007-08 year, Treasurer John Lenders said today.
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“Sustained growth has placed Victoria in a solid position to address the global financial crisis,” he said.
Mr Lenders said the State Accounts data released today by the Australian Bureau of Statistics revealed that over the past decade Victoria’s Gross State Product had grown at an average annual rate of 3.2 per cent – the highest of the non-resource states.
“Today’s data highlights the sound fundamentals of the Victorian economy,” Mr Lenders said.
“Our investments in infrastructure and skills are keeping the Victorian economy competitive, delivering jobs now and building for the future.
“The 3.2 per cent growth for 2007-08 is in line with the 2008-09 Budget forecast of 3.25 per cent, but we expect slower growth in 2008-09.
Total business investment continues to add to the productive capacity of the Victorian economy, growing by 13.8 per cent in 2007-08.
“Over the past eight years, Victorian business investment has grown at an average annual rate of 9.3 per cent,” Mr Lenders said.
Mr Lenders said today’s State Accounts also showed that:
· Victoria had the second highest service exports of any state, after Western Australia; and
· Non-residential building construction in Victoria outstripped all other states by growing 22 per cent in 2007-08.
Mr Lenders said today’s data supports other economic indicators that have highlighted Victoria’s solid economy, including:
· Victoria’s population is continuing to grow strongly. In the year to the March quarter 2008, Victoria grew by 87 593 people. Only Queensland recorded a larger increase in population (91 855).
· Victoria had the highest value of building approvals of any state in the year ending September 2008 at $21.4 billion.
“Economic data continues to show that Victoria is well placed to deal with the effects of the global financial crisis,” he said.
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