Ministers statements: economy
Mr PEARSON (Essendon—Assistant Treasurer, Minister for Regulatory Reform, Minister for Government Services, Minister for Creative Industries) (14:32): I am pleased to update the house today that Victoria’s economy is once again leading the nation. A week ago today the ABS reported Victoria was well ahead of the national pack in terms of economic activity. Victoria’s state final demand in the March quarter grew by a massive 2.4 per cent, double the level recorded in New South Wales and 50 per cent higher than the national average. State final demand is a key measure of economic activity, but it is not just a statistic—it means more people are buying at their local shops or in cafes; more entrepreneurs, small and large, are investing in their businesses and their people; and more job opportunities are being created for Victorians. It is no wonder that Victoria’s labour market is roaring. There are almost 3.5 million Victorians in work, an all-time high. The participation rate has never been higher. The unemployment rate is at near record lows. Almost 300 000 jobs have been added since September 2020, smashing our interim jobs target of 200 000 by the end of 2022. Victoria’s jobs growth is the fastest in the nation, not just since September 2020 but also since we came to government in November 2014. Our economy grew 50 per cent faster than the Australian economy in 2021 and again in the first three months of 2022; budget forecasts show we will continue powering ahead.
And that has not just happened by accident. We have used Victoria’s strong balance sheet to protect the balance sheets of Victorian businesses and households throughout the pandemic, and the latest NAB monthly business survey shows that Victoria’s businesses are more confident than the national average. We invested $44 billion in the pandemic response, including $13 billion in support for small and medium-sized businesses and their workers, and that has laid the foundations for the strong economic and jobs recovery we are seeing today.