Victoria remains Australia’s best performing economy, leading the nation in economic growth, retail trade, equipment investment and construction work done, according to the latest CommSec State of the States report.
The report shows Victoria’s economic activity in the September quarter was 27 per cent above its decade average level of output – the highest in the nation.
Victoria remains number one in retail rankings, with spending across the state nearly 15 per cent above its decade average level in the September quarter.
The report ranked equipment investment in Victoria as number one in the nation, up more than 10 per cent on the decade average.
The state also retained top spot for construction work done, which is more than 26 per cent above its decade average.
In good news for the job market, Victoria’s trend unemployment rate of 4.8 per cent in December 2019 is 14.2 per cent below the decade average, with employment up 2.9 per cent over the year to December 2019.