Economic growth topped 2.1 per cent in 2016-17 and is expected to increase to 2.7 per cent in 2017-18.
• The combined wealth of the 9.23 million Australian households topped $9.4 trillion in Australia in December 2016, meaning that the average Australian family is now a millionaire.
• Victoria has been on the right side of the cyclical drivers of interest rates and exchange rates in recent years, supporting economic growth at above the national average.
• At 1.9 per cent last year, Victoria was the only state in Australia to record population growth above the national average. Given Victoria is home to around 25 per cent of the population, being the only state to outpace national population growth (of 1.6 per cent), is truly spectacular achievement.
• House prices and rents have grown faster than average incomes since 2006, causing living expenses to rise significantly, particularly for low income earners.
• Business confidence in the building and construction industry remains high nationally.
• Employment growth in Victoria continues to outpace national employment growth, with Victoria’s share of employment growing from 25.1 per cent to 25.5 cent in the last 12 months.
• Total Building and construction activity grew by around 8 per cent over the year-to March 2017, recording $43 billion in activity and accounting for around 11.5 per cent of the economy.
• In the March quarter 2017:
• dwelling construction was recorded at $7.4 billion in Victoria, representing growth of 5.5 per cent
• non-residential work was recorded at $2.4 billion, a fall of 4.1 per cent
• engineering work was recorded at $2.9 billion, an increase of 0.3 per cent
See the full report here.