According to the Deloitte Access Economics Business Outlook Report released this week, Victoria’s economy is forecast to be the fastest growing in Australia in 2021.
The report estimates Victoria’s economic growth will hit 5.4 percent this year, leading Queensland (4.7 percent), New South Wales (4.2 percent), Western Australia (3.5 percent), South Australia (3.4 percent) and Tasmania (3.4 percent).
Victorian Treasurer, Tim Pallas, said the assessment is welcome news and supports recent economic indicators showing Victoria’s economy is rebounding, with strong growth in employment and retail spending. Mr Pallas said the report reinforces the Government’s strategy of supressing coronavirus (COVID-19) and rebuilding the economy.
The report also supports the government strategy of increasing debt when borrowing is relatively cheap to support Victorians, rebuild the economy and create jobs.
The latest data from the Australian Bureau of Statistics also shows positive signs of recovery, with over 150,000 Victorians finding work in the last quarter of 2020. According to the data, employment increased by 74,000 in November on the back of an increase of 82,000 in October.
The Deloitte Access Economics Business Outlook Report suggests we’re on the right track.
