NEW ECONOMIC RECORD FOR NATION’S ENGINE ROOM

Posted on 27. May, 2010 in Victoria

Victoria has scored another economic win with the Australian Bureau of Statistics reporting today the State has had the highest growth in private capital investment of any state over the past 12 months.

Treasurer John Lenders said the new record in private capital investment showed a 14.7 per cent increase in business investment compared to a one per cent increase for the whole of Australia.

“As a result of the Brumby Labor Government’s strong economic management, Victoria is now leading the worldwide recovery from the Global Financial Crisis,” Mr Lenders said.

“Victoria is the economic engine room of the nation and these figures show that our economy is heading in the right direction despite the ongoing economic aftershocks around the world following the Global Financial Crisis.

“If it wasn’t for Victoria’s strong economic performance, the level of private investment in the national economy would have gone backwards.

“These are more than just good economic figures – they show a healthy pipeline of Victorian jobs.”

Mr Lenders said the figures showed a new record in private capital investment for Victoria and further embarrassed Opposition Leader Ted Baillieu and his inept shadow treasurer Kim Wells who predicted that Victoria would have a recession this year.

“While political leaders across the globe worked together to fight off the impact of the Global Financial Crisis, Mr Baillieu and Mr Wells ran around like Henny Penny predicting a recession was coming but then failing to do anything about it,” Mr Lenders said.

“Instead of coming up with any policies to create Victorian jobs Mr Baillieu and Mr Wells cynically tried to talk Victoria into a recession and put Victorian jobs at risk.”
“One would say a recession is inevitable,” – Kim Wells, Liberal Party Spokesperson, 24 April 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


“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

Mr Lenders called on Mr Baillieu and Mr Wells to admit their economic failure and update their economic forecasts to predict positive economic growth for Victoria in line with the Brumby Labor Government and respected economic forecasters.

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