Thursday, 4 June 2026

 Jaclyn SYMES (Northern Victoria – Treasurer, Minister for Industrial Relations, Minister for Development Victoria and Precincts) (12:46): I would like to update the house today about the latest ABS data on the Victorian and national economy. Yesterday’s national accounts show that Victoria is going from strength to strength, with the economy growing at 0.9 per cent for the March quarter, the second-highest growth in the nation. Over the last decade, the Victorian economy has grown faster than any other state, and we expect our economy to further grow over the forward estimates. That growth is backed by a record number of businesses making a commitment to Victoria. Business investment grew by nearly 8 per cent over the quarter alone and around 15 per cent over the year, the fastest growth in almost two years. It is just further proof that businesses have confidence in the Victorian economy. It is no wonder 123,000 more businesses in net terms have chosen to set up shop in Victoria since the start of the decade. They know that this is the place to grow and the place to succeed.

Victoria’s strong economy is underpinning a strong labour force. Since 2020 more than 648,000 Victorians have found jobs, the strongest growth in the nation. There are now nearly 3.8 million Victorians in the workforce, and our economy is fairer too; since this time last year our participation rate has averaged a historically high 67.7 per cent, meaning more Victorians have been employed during this time than ever before. This has been driven by the high number of women who are participating in the workforce, women who are backed by our initiatives like the free kinder program and our commitment to enshrine the right to work from home. It is clear in these stats that more people are choosing Victoria to be their home, more businesses are setting up and more workers are finding good and fair jobs.