More jobs means more growth
Our economy: growing Victoria for all
The Andrews Labor Government is getting on with the job. A strong economy is vital for the prosperity of all Victorians, because it means more jobs. Since the election in 2014, over 200,000 jobs have been created – more than 250 new jobs every day. In the year to March 2017, average employment grew by 3.4 per cent. This was the strongest among the states, and a stark contrast to average employment growth for the rest of the nation at only 0.6 per cent. In that same year, more jobs were created in Victoria than the rest of the country combined. But this growth is not just confined to the boundaries of Melbourne. Victoria’s regional labor market is one the strongest in the nation – regional employment grew by 2.1 per cent in 2016 alone. Victoria’s finances are also in excellent shape, with ongoing operating surpluses over the next four years. Victoria’s economy is one of the strongest in Australia, having experienced 3.3 per cent growth in 2015-16, significantly above the national average of 2.7 per cent over the same period.
Strong Financial Management
The Victorian Budget 2017/18 continues the Andrews Labor Government’s track record of strong financial management. The 2017-18 operating surplus is estimated to be $1.2 billion, with surpluses averaging $2.4 billion over the forward estimates, putting Victoria in a strong financial position.
Net debt as a proportion of the economy has been maintained below the levels inherited from the previous government and is projected to be no higher than 6 per cent over the next four years – a level consistent with our prized triple-A credit rating. The Victorian Government has maintained fiscal discipline by ensuring average revenue growth over the next four years is higher than average expense growth.
Victoria’s fair share of Commonwealth infrastructure funding
Victoria has the fastest growing population in Australia but continues to be denied a fair share of Commonwealth infrastructure grant funding. Based on the latest Commonwealth Budget publication, Victoria will only receive 8.5 per cent of allocated Commonwealth infrastructure funding to the states and territories between 2015-16 and 2019-20. A decision by the Commonwealth to honour the National Partnership Agreement on Asset Recycling would only partially redress this imbalance; Victoria would need to receive an additional $6.6 billion over this period to achieve its population share of Commonwealth infrastructure grant funding.
The Andrews Labor Government is getting on with the job. A strong economy is vital for the prosperity of all Victorians, because it means more jobs. Since the election in 2014, over 200,000 jobs have been created – more than 250 new jobs every day. In the year to March 2017, average employment grew by 3.4 per cent. This was the strongest among the states, and a stark contrast to average employment growth for the rest of the nation at only 0.6 per cent. In that same year, more jobs were created in Victoria than the rest of the country combined. But this growth is not just confined to the boundaries of Melbourne. Victoria’s regional labor market is one the strongest in the nation – regional employment grew by 2.1 per cent in 2016 alone. Victoria’s finances are also in excellent shape, with ongoing operating surpluses over the next four years. Victoria’s economy is one of the strongest in Australia, having experienced 3.3 per cent growth in 2015-16, significantly above the national average of 2.7 per cent over the same period.
Strong Financial Management
The Victorian Budget 2017/18 continues the Andrews Labor Government’s track record of strong financial management. The 2017-18 operating surplus is estimated to be $1.2 billion, with surpluses averaging $2.4 billion over the forward estimates, putting Victoria in a strong financial position.
Net debt as a proportion of the economy has been maintained below the levels inherited from the previous government and is projected to be no higher than 6 per cent over the next four years – a level consistent with our prized triple-A credit rating. The Victorian Government has maintained fiscal discipline by ensuring average revenue growth over the next four years is higher than average expense growth.
Victoria’s fair share of Commonwealth infrastructure funding
Victoria has the fastest growing population in Australia but continues to be denied a fair share of Commonwealth infrastructure grant funding. Based on the latest Commonwealth Budget publication, Victoria will only receive 8.5 per cent of allocated Commonwealth infrastructure funding to the states and territories between 2015-16 and 2019-20. A decision by the Commonwealth to honour the National Partnership Agreement on Asset Recycling would only partially redress this imbalance; Victoria would need to receive an additional $6.6 billion over this period to achieve its population share of Commonwealth infrastructure grant funding.