Victoria’s Finances And Economy In First-Rate Shape

The first official financial report for the 2017-18 financial year shows Victoria’s economy is strong and growing, with a quarterly operating surplus of more than half a billion dollars.

The 2017-18 Quarterly Financial Report No. 1, tabled in Parliament today by Treasurer Tim Pallas, shows Victoria’s economy continues to outpace all other states, delivering a net operating surplus of $555 million – $75 million higher than the comparable period last year.

This strong surplus and economic growth is creating jobs, with more than 25,000 jobs created during the three-month period and 114,400 over the year to September 2017.

Since November 2014, more than 280,000 jobs have been created in Victoria – more than anywhere else in the nation and about three times the amount created under the previous government.

This strong employment growth is supporting household consumption and dwelling investment, and improving business conditions are expected to further boost business investment growth.

The Andrews Labor Government has invested $1.9 billion in infrastructure for the quarter – supporting the needs of Victoria’s growing population.

Thirty-three major infrastructure projects were underway during the quarter, including the Metro Tunnel, the Level Crossing Removal Program and Regional Rail Revival.

The Labor Government also continues to make significant investments in the health and education sectors to deliver high-quality services and to boost economic activity.

Quotes attributable to Treasurer Tim Pallas

“This provides the first marker of the financial year and shows our disciplined financial management is creating jobs and helping deliver the infrastructure and services Victorians need.”

“Victoria continues to be one of the strongest economies in the country – which means more jobs, more growth and more opportunities.”