Victoria’s economy is forecast to experience the strongest economic comeback of all the states and territories next financial year, according to the Deloitte Access Economics March report released on Monday.
Victoria is making a remarkable economic recovery out of the coronavirus pandemic, with Gross State Product expected to increase by 6.3 per cent in 2021-22, well above the forecast increase in Australia’s GDP of 4.1 per cent.
However, Deloitte Access Economics' latest comments imply that Victoria had a lot of ground to make up:
"Victoria’s economy suffered much more than any state or territory during COVID, and so the withdrawal of JobKeeper and other supports is a bigger problem for it. But its recovery has already been remarkable, and it will likely grow faster than any other state through 2021 – as it still has much more catch up potential than the others."
Treasurer Tim Pallas was grateful to all Victorians for their part in enabling the recovery, saying in a statement:
“Victoria is predicted to have the nation’s highest economic growth next financial year – that’s a credit to the hard work of Victorians and the fundamental strength of our economy.”
“These predictions of strong rises in household spending and business investment show that our recovery plan is on the right track as Victoria moves from strength to strength.”
Over 236,000 people have found a job in Victoria since September 2020, according to the latest data from the Australian Bureau of Statistics.
This huge boost in employment shows that Victoria is more than half way to its target of creating 400,000 jobs by 2025.
Victoria’s unemployment rate also fell to 5.6 per cent in February 2021, having peaked at 7.5 per cent in June 2020.
The Australian Bureau of Statistics will release updated unemployment data on Thursday.
The Andrews Labor Government‘s credited the recovery to $13 billion it provided to help communities and businesses 'get through to the other side of the pandemic'.
Additional stimulus to assist struggling sectors like tourism continues, with the Labor Government recently releasing another 50,000 regional travel vouchers in its third round of the scheme.
The Victorian Opposition have been approached for comment.