Victoria

Victoria’s finances and economy in first-rate shape

The first official financial report for the 2017-18 financial year shows Victoria’s economy is strong and growing, with a quarterly operating surplus of more than half a billion dollars.

The 2017-18 Quarterly Financial Report No. 1, tabled in Parliament by Victorian Treasurer Tim Pallas, shows Victoria’s economy continues to outpace all other states, delivering a net operating surplus of $555 million – $75 million higher than the comparable period in 2016.

This strong surplus and economic growth is creating jobs, with more than 25,000 jobs created during the three-month period and 114,400 over the year to September 2017.

Since November 2014, more than 280,000 jobs have been created in Victoria – more than anywhere else in the nation.

This strong employment growth is supporting household consumption and dwelling investment, and improving business conditions are expected to further boost business investment growth.

The Victorian Government has invested $1.9 billion in infrastructure for the quarter – supporting the needs of Victoria’s growing population.

Thirty-three major infrastructure projects were underway during the quarter, including the Metro Tunnel, the Level Crossing Removal Program and Regional Rail Revival.

The Government also continues to make significant investments in the health and education sectors to deliver high-quality services and to boost economic activity.

Source: Vic Government