Ministers statements: economy
Jaclyn SYMES (Northern Victoria – Treasurer, Minister for Industrial Relations, Minister for Regional Development) (12:46): Victoria’s economy is galloping ahead at full force, and I want to use the opportunity of my ministers statement to put some facts and data on the record today. The Allan Labor government has been obviously working very hard to drive economic growth and create opportunities for Victorians, and the latest economic statistics prove that our plan is working. Overall economic output increased by 1.5 per cent in 2023–24, and the economy is now 11.5 per cent larger than prior to the pandemic. More than 132,000 Victorians found work over the year to December 2024, which is one of the largest increases in Australia for this period. Both workforce participation and the share of Victorians in jobs were also near record rates at the end of last year. These numbers show that everyday Victorians are better able to get ahead because the government is backing them in. Victorian business investment grew by 3.7 per cent over the year to December 2024, compared to negative 0.1 per cent nationally. Data shows that Victoria has added more than 108,000 businesses since June 2020, an increase of 17 per cent, the largest percentage growth of any state. Retail trade is strong too, up 5 per cent over the year, overtaking the Australian average of 3.8 per cent.
Businesses invest where they think they will get the best chance to thrive and grow. Clearly businesses are voting with their feet, and they are voting for Victoria. We know that there are some that are always talking down the Victorian economy, hoping to get political advantage, secretly wishing things were not as good as they are, but on this side we will not apologise for doing everything we can to make Victoria the best place to live, to work and to invest, and the numbers that I have gone through are proving we are on the right track.