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budget.vic.gov.au

A growing Victoria with growing jobs

The Victorian Budget 2019/20 continues to build on our state’s success, with Victoria outperforming the nation across a broad range of economic indicators.

Tram line construction workers

It’s this strong economic growth – alongside everything Victoria has to offer– that’s attracting more people than ever before.

With the population growing by 383 people each day, we now lead the nation in population growth.

In 2017-18, Victoria’s economy grew by 3.5%, outstripping Australia’s national economic growth of 2.8%.

Importantly, this growth is translating into more jobs for Victorians.

In March 2019, our state’s unemployment rate fell to 4.6%, with regional unemployment also at 4.6% in the three months to March 2019.

These numbers build on the Victorian Government’s existing efforts to ensure more Victorians have the security and dignity of work, with more than 450,000 new jobs created since November 2014.

This success is being shared with every corner of our state, with more than 66,000 new jobs created in regional Victoria over the same time.

That’s no accident.

It’s because we’ve created the right conditions for businesses to invest, create and expand, all the while getting on with building the infrastructure our growing state needs.

In 2019-20 alone, our Government’s infrastructure investment will reach a record $14.2 billion, averaging $13.4 billion a year over the Budget and forward estimates.

That’s close to triple the average of $4.9 billion a year between 2005-06 to 2014-15.

And our investments are making a real difference – delivering new schools, better hospitals and more reliable road and rail for Victorians.

At the same time, these investments are also creating new jobs.

With a focus on building local and hiring local, the Government’s infrastructure agenda has ensured more than 115,000 jobs for Victorians.

This year’s Budget continues those efforts.

Victoria's real Gross State Product growth
Government Infrastructure Investment
Victorian Economic Forecasts
General Government Fiscal Aggregates

Reviewed 24 May 2019

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