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Victoria in major growth boom

23 November 2015 by News Desk

melbourne02The state of Victoria is now the fastest-growing economy on the eastern seaboard of Australia

The economy of Victoria has grown by 2.5% in the past 12 months, beating New South Wales at 2.4% growth and Queensland at 0.5%, Tasmania and South Australia on 1.6% and the Australian Capital Territory on 1.4%. Only Western Australia (3.5%) and the Northern Territory (10.5%) grew faster.

Tim Pallas, Victorian Treasurer, says that more than 73,000 new jobs have been created, economic growth has doubled while consumer sentiment, business sentiment and business investment have increased.

In the past year the Victoria economy generated $513 billion – the first time that a state economy has reached half a trillion dollars.

A major contributor to Victoria’s economic growth has been population growth. In the past year Victoria’s population has grown by 1.7%, more than any other state.

Victoria’s construction boom saw building work increase by 9.8% in the year to June. Other industries that have seen growth include financial services, health care and social assistance, according to the Australian Bureau of Statistics.

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