Wednesday, 04 December 2013
Victoria's economic growth continues
. Quarterly state final demand (SFD) increase strongest of the mainland states
. Victoria’s SFD increased 0.8 per cent over the year
Victorian state final demand (SFD) increased by 0.5 per cent in the September quarter 2013, and rose 0.8 per cent over the year, according to the Australian Bureau of Statistics (ABS).
“Today’s ABS results demonstrate that business and consumers confidence is improving and Victoria has a stronger economy because of the Coalition Government’s responsible economic management,” Mr O’Brien said.
“Victoria’s quarterly growth figure (0.5 percent) was the strongest of the mainland states, and significantly stronger than the mining states of Western Australia and Queensland (0.1 percent).”
The ABS figures follow recent news that Victoria’s economy has grown over the year in the face of challenging global and national conditions.
“Today’s figures follow last week’s positive result that Victoria’s economy grew at a rate of 1.6 per cent, significantly above the average growth rate of the non-mining states (1.0 per cent),” Mr O’Brien said.
“These figures reinforce that Victorian families can rely on the Coalition Government to manage Victoria’s finances and to safeguard the state’s economic future”.
The September quarter outcome was driven by a rise in clothing and footwear (+3.0 per cent), furnishings and household goods (+1.0 per cent) and food, alcohol and tobacco (+0.6 per cent).
“The Coalition Government is getting on with the job of delivering the critical infrastructure and services Victorian families and communities need,” Mr O’Brien said.
“Daniel Andrews and Labor continually talk down the Victorian economy and dishonestly claim Victoria is in recession when our economy is growing and our finances are strong.
“Daniel Andrews and Labor claim to support the AAA credit rating but oppose every measure needed to achieve it. Labor’s ‘desalnomics’ and their unfunded transport promises would trash our AAA credit rating and hurt Victorian families,” Mr O’Brien said.