Friday 16th Nov, 2018

Trade boosts state economies, says report


AN ECONOMIC report from ANZ Bank showing Victoria had recorded above trend growth for two consecutive years has excited the state government.

According to the Stateometer report, trade, housing and the labour market were all positive contributors, as well as sales in motor vehicles growing 5 % each year.

The household spending results are said to be backed by underpinned by strong population growth.

The ANZ Stateometer aims to be a measure of economic performance across states and territories using 37 monthly indicators.

These include labour market conditions, household and business activity, trade and housing.

Treasurer Tim Pallas was quick to claim credit.

“With a firm focus on jobs growth, getting Victorians into homes, and building the infrastructure our state needs, our foot is always on the pedal driving Victoria’s economy forward,” Mr Pallas said.

The same report for Tasmania also excited that state’s government, with ANZ noting economic growth “above trend”.

“A number of economic indicators suggest Tasmania’s economy has found some renewed momentum,” the report noted.

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