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

    3% of Australia’s land mass, 24% of economic activity

    Representing only three per cent of Australia's total land mass and accounting for nearly a quarter of economic activity (24% 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 374.736
    Singapore 296.966
    New Zealand 185.017

    Source: ABS cat. no. 5220.0, AustralianNational Account , State account 2016-17 and World bank GDP ranking table 2016

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    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 2016-17 our state economy generated A$399 billion Gross State Product (GSP).

    Victoria is a key contributor to Australia's status as the 13th 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 25 years of continuous growth, including through the period of the GFC.1

  • The world's top performing companies in Melbourne

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

    Five of the top 10, and 36 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 (24 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 thirdteenth 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 25 years of continuous economic growth, including through the period of the Global Financial Crisis (GFC).1

Victoria has forecast budget surpluses for the next four 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.

Five of the top 10, and 36 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, November 2017
  2. IMF, World Economic Outlook Database, November 2017.
  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 2018-19
  6. IBISWorld Top 2000 Companies May 2018