Posted on 05. Aug, 2010 in Victoria

Victoria’s housing sector has continued to defy the Global Financial Crisis with the State recording the highest number of dwelling approvals of any Australian state for 26 months in a row, according to a report from the Australian Bureau of Statistics released this week.

Treasurer John Lenders said the Brumby Labor Government had acted quickly to make sure Victoria’s home construction sector didn’t suffer the consequences of the GFC felt in other economies across the world.

“The Brumby Labor Government’s strong leadership is keeping our economy heading in the right direction and Victoria is generating more jobs than any other state,” Mr Lenders said.

“We brought in the most generous first home owner bonuses of any state and released land for new home construction to keep creating jobs in our housing construction sector.

“This has worked, with Victoria recording the highest value of total building approvals of any state – worth over $23 billion last financial year alone.

“We have taken the tough decisions to create jobs and that’s why Victoria created 115,800 jobs last financial year – three times more than promised and 25,400 more than any other state.”

He said while statistics can bounce around from month to month, in 2009-10, Victoria recorded the largest increase in new housing approvals of all the states (28.1 per cent). Over the same period, Victoria recorded 39,046 new housing approvals, the highest of all the states.

Last month alone there were 4530 dwelling unit approvals in Victoria, compared to 2528 in Queensland and 2493 in New South Wales.

“These are more than just statistics, they are building sites that are creating jobs and helping Victoria build on its reputation as the economic engine room of the nation,” Mr Lenders said.

“Increasing the supply of housing takes pressure off house prices and also takes pressure off the rental market.”

Mr Lenders said the Australian Bureau of Statistics also released statistics today showing Victoria’s retail trade sector had grown by 3.6 per cent last financial year – ahead of the national growth of just 1.9 per cent.

“In our recent budget we cut payroll tax to the lowest level in 35 years to help Victoria’s businesses capitalise on the world-wide recovery from the Global Financial Crisis,” Mr Lenders said.

“This will help our retailers grow and respond to the challenges of the future.”

Mr Lenders said the good economic news would be welcomed by every Victorian except Ted Baillieu and Kim Wells who rejoiced in their false prediction that Victoria was headed for a recession, failed to produce any policies to create any Victorian jobs and now cringe when confronted with Victoria’s good economic reputation.

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