Posted on 10. Jul, 2012 in News

One of Australia’s leading economic surveys has debunked Treasurer Kim Wells claims “when the mining states do well, Victoria does well as a result of the mining states”, Acting Shadow Minister for Employment Justin Madden said today.

The NAB Monthly Business Survey which measures profitability, costs, inflation and forward orders showed Victoria’s business confidence fell for the third consecutive month.

The NAB survey said “clearly, the benefits of the mining sector have begun to spill into other non-mining related businesses in the WA economy, a benefit that Victoria is unlikely to see any time soon”.

“Mr Wells has yet again been caught out peddling half truths to cover up his incompetent economic management of Victoria’s economy,” Mr Madden said.

Treasurer Kim Wells on May 4, 2012 at the Public Accounts and Estimates Committee hearings said:

“When the mining states do well, Victoria does well as a result of the mining states.”

“While the mining state economies are strong Victoria is sliding backwards under the Baillieu Government,” Mr Madden said.

“Mr Wells needs to tell us how the Baillieu Government is supporting Victorian manufacturing with supply contracts in the mining states instead of telling us everything is OK when this clearly isn’t true.”

Victorian business confidence is now second only to Queensland for the worst rating state.

The survey found in June trend conditions in Western Australia were 23 points higher than in Victoria, which is the largest gap in six years.

“Cutting thousands of jobs from the public sector, slashing millions of dollars from TAFE, education and health budgets and not investing in major infrastructure projects is not building business confidence,” Mr Madden said.

“The Baillieu Government’s failure to invest and show leadership will continue to hurt Victoria’s economy.”

The NAB survey follows the ANZ job advertisement statistics of yesterday which saw Victoria record its 15th consecutive month slump, falling 4.4 per cent to record a 34.6 per cent drop for the year to June.

“Mr Baillieu may not want to work hard to create and protect jobs, but Labor does and that’s why we are developing a jobs and investment plan,” Mr Madden said.

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