Data released today by the National Australia Bank (NAB) show business conditions in Victoria are the worst in Australia.
According to NAB’s Quarterly Business Survey, Victoria’s business conditions remained negative for the December 2020 quarter, while they improved in every other mainland Australian state. While overall business conditions in Australia improved by nine points, in Victoria they went down by one.
This was the third consecutive quarter where a negative business conditions have been recorded in Victoria.
The new data from NAB comes a week after they released data showing a fall in business confidence in Victoria in December, and a week after CommSec reported than Victoria’s retail sector was the worst-performing in Australia.
Comments attributable to Shadow Treasurer, Louise Staley:
“Another week passes and another NAB report is confirming that business is struggling in Victoria like nowhere else in Australia.
“Victoria was the only state in mainland Australia where business conditions worsened in the December quarter. This is more evidence that while where economic recovery is underway everywhere else in Australia, Victorian businesses are still suffering.
“This week, we have seen payroll jobs figures that show small businesses are still shedding jobs and migration numbers that show people are leaving Victoria for good at levels not seen in a generation.
“With local small business jobs, retail spending and business conditions all lagging the nation, it’s clear that under Daniel Andrews, Victorians are in for a longer, harder road to recovery.”