Jobs and investment in Victoria have recovered to above pre-pandemic levels, indicating a resilient economy, according to the state’s latest Annual Financial Report.
According to the report, more than 600,000 jobs have been created in Victoria since November 2014, including over 80,000 regional Victoria.
The report also showed that growth in state final demand, which is a key measure of the economy that combines public and private investment and spending, was 40 per cent higher than the national average in 2021 and 2022.
The Australian Bureau of Statistics also reported that Victoria’s population grew by 0.6 per cent in the first quarter of 2022, to a total of 6.59 million people.
Meanwhile, the Commonwealth Budget forecasts that the state will grow faster than any other jurisdiction over the next four years.
The 2021/22 Annual Financial Report, which was published today, found an improvement of $3.8 billion in the state’s operating deficit, compared with the estimate in the May Budget— with the final deficit standing at $13.8 billion— in part due to lower than expected spending.
Additionally, the state reported revenue that was $1.2 billion higher than expected as the economy recovered and the labour market hit record highs.
The state’s net assets soared by $31.6 billion, to $219.8 billion, while net debt stood well under $100 billion, $2 billion lower than the revised Budget estimate.
“Record support provided for families and businesses meant we were in the best shape possible to really bounce back after the worst of the pandemic had passed – and that’s exactly what has happened,” said Treasurer Tim Pallas.
“The jobs market is strong, businesses are confident and the state’s financial results have improved from the forecasts that were updated just five months ago. We’re moving ahead, which is a credit to all Victorians.”
