• 3% of Australia’s land mass, 22% of economic activity

    3% of Australia’s land mass, 23% of economic activity

    Representing only three per cent of Australia's total land mass and accounting for nearly a quarter of economic activity (23% of national GDP), Victoria competes with the largest economies in South East Asia. Our strength is sustained by a diverse economy and a history of prosperity and growth across many industries. It's one reason why Australia was able to weather the 2009 global financial crisis and achieve its status as the 13th largest economy in the world.

  • Size of economy in US$

    Economy US$ billions
    Victoria 317
    Singapore 308
    New Zealand 197

    Source: IMF World Economic Outlook Database Oct 2015 and ABS cat. no. 5220.0

    1.04.B-v01r03-ChartLarge.png

    An economy larger than Singapore or New Zealand

    The Victorian economy, as a state economy, is larger than most South East Asian nations. Outstripping national economies such as Singapore, Hong Kong and New Zealand, in 2015-16 our state economy generated A$373.6 billion Gross State Product (GSP).

    Victoria is a key contributor to Australia's status as the thirteenth largest economy in the world.

  • AAA Credit rating

    The highest possible credit rating

    Victoria is one of two Australian states to possess a triple A credit rating from agencies Standard & Poor's3 and Moody's4, a rating we have maintained for the past ten years. This rating reflects Victoria's consistently strong economic performance and good financial management, as well as Australia's extremely supportive institutional framework. It also reflects Victoria's stable investment environment and an economy that has delivered 23 years of continuous growth, including through the period of the GFC.1

  • The world's top performing companies

    Businesses from all over the world celebrate business success in Melbourne. IBM, BP, Siemens, AIA, GlaxoSmithKlein and Kagome are some of the international companies making their mark in Melbourne.

    Six of the top 10, and 29 of the top 100 Australian companies chose to establish their headquarters in Melbourne. There are more top companies located in Melbourne than Sydney (both domestic and foreign-owned).

The Victorian economy has delivered strong and consistent growth for more than last two decades.

While Victoria represents only three per cent of Australia's total land mass, we account for close to a quarter of Australia's economic activity (23 per cent of national GDP).1 Our continued strength is thanks to a diverse economy, and a long history of prosperity, and growth across many industries. The strength of the Victorian economy is supported by the maturity and performance of Australia's national economy, the twelfth largest in the world.2

Victoria is one of two Australian states to possess a triple A credit rating from agencies Standard & Poor's3 and Moody's4, a rating we have maintained for the past ten years. This rating reflects Victoria's consistently strong economic performance and good financial management, as well as Australia's extremely supportive institutional framework.  It also reflects Victoria's stable investment environment and an economy that has delivered 23 years of continuous economic growth, including through the period of the GFC.1

Victoria has forecast budget surpluses for the next three years.5 This will support our triple A credit rating, provide a stable taxation environment for Victorian business, and allow the government to expand its ongoing investment in world-class infrastructure.

Six of the top 10, and 29 of the top 100 Australian companies chose to establish their headquarters in Melbourne. There are more top companies located in Melbourne than Sydney (both domestic and foreign-owned), reflecting Melbourne's attractiveness to international business.6


Source:

  1. ABS, cat. no. 5220.0, Nov 2016
  2. IMF, World Economic Outlook Database, Oct 2016.
  3. Standard and Poor's Ratings Services, Ratings Direct, Victoria, August 2016
  4. Moody's Investor Services, Credit Opinion, Victoria, February 2016
  5. Victorian State Budget 2016-17
  6. IBISWorld Top 2000 Companies August 2016