New economic data released today shows Victoria’s economy continues to lag behind most of the rest of Australia.
Data from CommSec’s State of the States report shows that in the September 2020 quarter Victoria was dead last for retail spending and wages growth.
Victoria was also the only state where home prices declined during 2020.
Overall, Victoria was behind all other states in annual growth in employment, retail trade, business investment in equipment and housing finance.
The Treasurer, Tim Pallas, had no public comment to make about this report, despite his usual habit of promoting even the smallest aspect to spin the Andrews Labor Government’s economic performance.
Comments attributable to Shadow Treasurer, Louise Staley:
“The latest State of the States report from CommSec shows just how poorly Victoria is doing economically compared to the rest of Australia.
“Victoria was last for retail spending in the September quarter, demonstrating that the Andrews Labor Government needs to provide real support for a struggling retail sector, such as getting more workers back into the CBD.
“Those Victorians with jobs suffered the smallest growth in wages in the September quarter. We also know this month’s employment figures show that since the start of the pandemic, 57,300 Victorians have lost their jobs, and job vacancies are falling.
“Usually when such a report is released, Tim Pallas is out and about trying to spin the report as good news for Victorians. This latest CommSec report contained so much bad economic data that Tim Pallas didn’t even bother to do that.
“Victoria desperately needs a government with a plan to get the economy going again so people can get back to work and back in business. Only the Liberal Nationals have that plan.”
