Victoria’s economy continues to outperform other states, according to the latest analysis undertaken by Deloitte Access Economics (DAE).
The DAE Business Outlook forecasts economic growth in Victoria to be the strongest of the mainland states in 2019-20 and the strongest among all the states in 2020-21.
Victoria’s gross state product is forecast to grow by 2.5 per cent in 2019-20 and by 2.9 per cent in 2020-21.
Government infrastructure investment, business investment and household consumption are expected to be the major drivers of State’s growth in 2019-20.
Business investment in Victoria will be supported by a large amount of engineering construction activity. Private engineering and commercial construction are forecast to increase by 4.6 per cent in 2020-21.
There is currently $31 billion worth of transport projects under construction in Victoria, including the Melbourne Metro Rail Project, with a further $53 billion across various projects in planning stages.
A total of $12 billion worth of commercial construction activity is underway in Victoria, with a further $21 billion project pipeline across various planning stages.