Economic policy
Richard WELCH (North-Eastern Metropolitan) (12:29): My question is to the Treasurer. Treasurer, last week the Business Council of Australia ranked Victoria as the worst state to do business in – again. When will you admit your policies are making it harder for businesses to create jobs for Victorians?
Jaclyn SYMES (Northern Victoria – Treasurer, Minister for Industrial Relations, Minister for Regional Development) (12:30): Whilst I welcome a question from Mr Welch, I am a bit confused because it was the exact same question that I received last week from Mr Davis, and I was able to take you through the stats. I am more than happy to do that again. So, Mr Welch, in Victoria we have the highest business creation in the country, one of the best participation rates, historically high business investment numbers and a regional unemployment rate lower than any other state in the country. The regional unemployment rate is the lowest anywhere in the country. We are backing businesses with record productivity-enhancing investment – things like roads, schools, hospitals and public transport infrastructure, which is about productive infrastructure. This makes life easier for businesses in Victoria. We are going to open the West Gate Tunnel. If you understood the participation rate versus the unemployment rate, then you would not be gloating so much about your so-called rate of unemployment. If we had the same participation rate as New South Wales, our unemployment rate would be 1 per cent, Mr Welch.
Members interjecting.
The PRESIDENT: I think Mr Ettershank was going to call a point of order that he could not hear the answer.
David Ettershank: Thank you, President.
The PRESIDENT: Because I can read minds now. Yes, if people could let the Treasurer respond without assistance. And Mr Welch can ask his supplementary without assistance as well.
Richard Welch: Thank you, Minister, for your answer, although I know we do have the highest unemployment in the nation and the highest underemployment.
The PRESIDENT: Mr Welch, sorry, I jumped the gun. See, I cannot read minds. The Treasurer has not finished. She has still got a minute. You have got a minute, so finish.
Jaclyn SYMES: Thank you. I did start to interact with Mr Welch, and not through the Chair, President, so I will bring my answer back to you in terms of some general information that I will repeat, because I said it last week. It is obviously not sinking in. I do not make the facts up. We have added more than 123,000 businesses since June 2020. It is an increase of almost 20 per cent and, again, higher than any other state. While business investment growth has moderated recently, it is coming off an extremely high base, which brought business investment to its highest share of the economy on record – the highest rate on record. Quarterly business investment figures are good. Investment grew by 1.7 per cent, significantly faster than the national average of 0.7 per cent. Again, I am repeating these facts. I can keep repeating them because they are not my stats, they are the real facts. While consumer sentiment has continued to go up, the index is increasing 4.4 per cent to 103.8. All of the stats might sound boring, but they are positive, Mr Welch, and they are the facts, and I will continue to point them out to you.
Richard WELCH (North-Eastern Metropolitan) (12:33): Victoria is ranked last in the nation for property taxes and for licensing and requirements for doing business. When will the government take a leaf out of their successful Labor counterparts in South Australia and New South Wales and drop their anti-business policies, which are hurting our state?
Jaclyn SYMES (Northern Victoria – Treasurer, Minister for Industrial Relations, Minister for Regional Development) (12:33): Mr Welch, as I have indicated, business confidence in Victoria is high. We have the strongest business growth in the nation, but as you point out, there is always more to do. There is. That is why we have an Economic Growth Statement. It is about to come up to its 12-month anniversary. It is about reducing regulatory red tape on businesses, ensuring that we are having the conversations with businesses and investing in those businesses that want to employ more people and grow. There are always conversations, and the door is open for those that want to participate and make Victoria even better, as opposed to those who continue to talk the economy and the state down.