Increased investment and construction in Victoria
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26 February 2009
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Businesses have continued to invest strongly in Victoria despite the challenge of the global financial crisis according to the latest capital expenditure figures released by the Australian Bureau of Statistics (ABS) today.
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Victorian Treasurer John Lenders said the value of private new capital expenditure in Victoria increased by 10.1 per cent in the December quarter, well above the national increase of 6 per cent.
“The fundamentals of the Victorian economy remain solid despite the challenge of the global economy,” Mr Lenders said.
“While we know there will be significant challenges ahead Victoria has been resilient to the impact of the global financial crisis.
“This $4.5 billion business investment in the December quarter will support Victorian jobs and is a sign of confidence in the Victorian economy.
“The latest figures show that Victoria attracted more business investment in the December quarter than any other quarter on record.”
The news follows similar encouraging news in ABS construction figures showing a 5.9 per cent increase in construction work done in Victoria during the December quarter compared to an increase of 1.7 per cent across Australia.
Mr Lenders said the figures indicated the benefits of a suite of incentives for first home buyers.
“Victoria now has the most generous first home buyers package in the country, providing up to $29,000 for a first home in regional Victoria,” Mr Lenders said.
“The increase in construction activity was largely driven by an impressive 12.4 per cent increase in residential construction in Victoria compared to a 1 per cent fall nationally.
“This is further evidence that our first home owner incentives and the stimulus package from the Federal Government can have a real effect on our economy.”
Mr Lenders said the Victorian Government had worked to encourage business investment and growth with the biggest tax cuts in a decade worth $1.43 billion. |
