Economic data released by the Australian Bureau of Statistics (ABS) today has confirmed that Financial Year 2019-20 was Victoria’s worst year economically since the dark days of the Cain/Kirner Labor Government.
The Gross State Product numbers show that the Victorian economy shrunk by 0.5 per cent in FY 2019-20. This is the first year the Victorian economy has shrunk since FY 1991-92.
This confirms that the economic crisis in Victoria started before the pandemic hit in March.
Contributing to this outcome, Victoria recorded significant falls in gross value added in many key industries in 2019-20.
These falls include accommodation and food services (down 12.1 per cent), agriculture, forestry and fishing (down 6.4 per cent), arts and recreation services (down 6.1 per cent), and transport, postal and warehousing (down 5.6 per cent).
These figures do not include the economic damage from the second wave of COVID-19 caused by Labor’s bungled hotel quarantine program and disastrous contact tracing.
Comments attributable to Shadow Treasurer, Louise Staley:
“This data from the ABS confirms that under Daniel Andrews, Victoria is enduring its worst economic crisis since the bad old days of John Cain and Joan Kirner.
“For the first time in nearly 30 years, our economy has shrunk, and today’s figures show this started well before COVID-19 reared its ugly head.
“Unemployment among women and young people are at historic highs. Small and medium-sized businesses are struggling to keep people working.
“Daniel Andrews and Labor need to provide a plan for economic recovery, so Victorians can get back to work and back in business.”