ECONOMISTS SHOOT DOWN BAILLIEU’S RECESSION PREDICTION

Posted on 27. Apr, 2010 in News

Access Economics today praised Victoria’s economy saying the state’s economic performance has been “amazingly impressive”, destroying Ted Baillieu’s embarrassing claim the state would crash into recession this financial year.

Treasurer John Lenders said the report ruled out any chance a recession saying Victoria would grow by a positive 0.8 per cent this year and Victoria would have the strongest economic growth of the non-resource states next financial year with the economy moving forward by 2.3 per cent.

“It is highly possible that Victoria could be looking at negative growth of over 1 per cent next financial year, or a turnaround of minus 1.5 per cent.” – Kim Wells, Liberal Party Spokesperson, 9 June 2009

“It’s now clear that Labor will not protect jobs as the recession takes hold, even as the Premier and Treasurer continue to deny that Victoria is suffering from recession.” – Kim Wells, Liberal Party Spokesperson, 5 May 2009

“Victorians have every right to ask why Ted Baillieu and his team would try to talk Victoria into a recession and put Victorian jobs at risk,” Mr Lenders said. 

“Thankfully Ted Baillieu’s campaign to talk Victoria into recession has failed leaving him red-faced and embarrassed. Ted Baillieu has never had to work hard and he has no idea how to run a state economy.”

Mr Lenders said the glowing report was a further endorsement of the Brumby Labor Government’s Jobs Building Budget released last year and its pledge to create 35,000 jobs.

“Over the past 12 months we have created 99,369 Victorian jobs – more than any other state  – and we have created an impressive 92 per cent of all the full time jobs in Australia,” Mr Lenders said.

Access Economics has praised Victoria’s economy saying:

  • “yet another sweet feat from a State which punched above its weight through both boom and bust. Victoria’s success has seen its job gains in the past year run at nearly double the rates seen nationally”
  • “…Victoria has weathered the storm – and done so in style. Consumers are spending solidly, with both housing and retail spending firmly founded in these good population gains.”
  • excellent performance for a manufacturing State amid a renewed resource boom.”
  •  “the best record of any State in keeping up with underlying housing demand, despite this State’s impressive population gains.”

“We have the strongest finances of any state and we are investing in Victorian jobs with projects like the Regional Rail Link, the Parkville Comprehensive Cancer Centre and local projects at schools right across the state from Mildura Primary to Mallacoota College,” Mr Lenders said.

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