Victoria is in a strong economic and financial position, according to the 2015-16 Mid-Year Financial Report.

The state recorded a A$1.5 billion surplus for the six-month period ending 31 December 2015.

Growing economic confidence was also confirmed in data released by the Australian Bureau of Statistics last week, which showed that Victoria's economy was growing faster than it has for more than five years.

The results show that Victoria is leading the nation in economic growth which is reflected in its triple-A credit rating from both major ratings agencies – Moody's and Standard & Poors.

State final demand over the year to December 2015 was 4.6 per cent - nearly double the 2014 result of 2.4 per cent.

This strong economic growth has translated into employment with 68,700 new jobs created over the past 16 months, with almost 40,000 of these jobs full-time.

At a national level, over the past four years, there have been only 96,000 jobs created – and only 16,000 full-time jobs.

The Mid-Year Report showed strong growth in the property market with the outlook remaining positive due to higher residential building approvals.