Today’s national accounts figures released by the Australian Bureau of Statistics have confirmed that Victoria’s economy has continued to shrink while the rest of Australia recovers from the COVID-19 induced recession.
In the September quarter, Victoria’s economy shrunk by 1.0 per cent, while every other state and territory saw their economies grow by at least 2.0 per cent.
Overall, domestic final demand in Australia grew in the September quarter by 4.5 per cent.
The September quarter was the fourth consecutive quarter Victoria’s economy has shrunk, as Victoria’s recession had begun before the COVID-19 pandemic.
Victoria has not suffered four consecutive quarters of negative growth since 1990-91.
Comments attributable to Shadow Treasurer, Louise Staley:
“While the rest of Australia recovers from the recession caused by the COVID-19 pandemic, Victoria’s economy continues to shrink.
“This recession, which began before the pandemic, continues to cut a swathe through the economy as Victorians lose their jobs and their livelihoods.
“This is the consequence of the second wave, caused by Labor’s bungled hotel quarantine program and inadequate contact tracing. Victoria’s economy is going south while the rest of the country is recovering.
“Tens of thousands of Victorians have lost their jobs, small and medium businesses are shedding jobs, and there are more unemployed women in Victoria than at any other time in our history.
“Victorians desperately need a plan to get them back to work and back in business so our economy can start growing again.”