The latest economic report for Victoria is now available. Highlights of the report appear below, with the full report available here.
• Economic growth topped 3.6 per cent over the year-to September 2017,the highest level of annual growth since June 2016.
• At 2.4 per cent over the past year, Victoria is the only State with population growth above the national average of 1.6 per cent. Given the state only accounts for around 22 per cent of the national economy, this achievement should not be underestimated.
• A big pipeline of major public transport infrastructure projects will be a source of activity for the next few years.
• Retail activity is well above the national average.
• International tourist numbers and international student numbers are both performing well.
• Non-residential building construction approvals are up by a third in the last 12 months, supported by better private investment.
• Small business confidence is strong and has been improving for a number of months.
• The cost of rent in Victoria jumped in the September quarter, up by 1.2 per cent, adding to growth of 3.9 per cent over the year – above average wages growth and above price growth recorded in the broader CPI measure.
• The total number of full-time and part-time jobs in Victoria was recorded at over 3.16 million as at the end of the September quarter 2017, representing a gain of 3.2 per cent over the previous 12 months.
• Unemployment is 6.1 per cent, above the national rate of 5.5 per cent. This is perhaps expected given Victoria’s high population growth rate.
• By sector in Victoria the value of work done in the June quarter 2017 :
• $5.7 billion in residential construction activity
• $2.5 billion in non-residential construction activity, and
• $3 billion in engineering construction activity
See the full report here.