Tuesday, 20 September 2022

 Mr PALLAS (Werribee—Treasurer, Minister for Economic Development, Minister for Industrial Relations, Minister for Trade) (14:26): It gives me great pleasure to update the house on the stellar performance of the Victorian economy over the last eight years. My enthusiasm about how our economy is going is substantial, but it is only eclipsed by the Assistant Treasurer’s, who of course shares my excitement about the unemployment rate of 3.7 per cent, a whole 3 per cent lower than what we inherited in November 2014. Regional unemployment is even lower at 2.9 per cent, the lowest in almost 50 years. It is easily the lowest in the nation and half of what the rate was when the government was first elected.

The latest CommSec State of the States indicates that Victoria is back in its rightful position as the number one performing economy in the nation, which is a substantial difference from where it was in October 2014, just before the Baillieu-Napthine government was dispatched by the electorate, when we came in fourth out of eight states and territories. Since we took over from those opposite we have created 600 000 jobs in this state. In fact one in six jobs in the Victorian economy today did not exist back in 2014. The participation rate in our labour market is more than two whole percentage points higher than it was when those opposite were last in power, and there are now more women in paid employment in jobs in Victoria than ever in the state’s history.

Economic competence matters because it is the difference between people being in work or not and between businesses having the confidence to hire or being cautious and holding back. This government’s investment, whether it be our investment in health and education or hospital and rail, has installed confidence right across the Victorian economy. We are doing what matters and providing the essential services Victorians rely on and deserve. Contrast that with the approach of those opposite; their only economic plan is to cut.