ECONOMY ON A SLIPPERY SLOPE UNDER BAILLIEU

Posted on 04. Jun, 2012 in News

New job advertisement and sales figures provide further evidence Victoria’s economy under the Baillieu Government is going backwards, Shadow Employment Minister Tim Pallas said today.

Business confidence and expansion has plummeted for the fifth consecutive month with figures released by the ANZ revealing that job newspaper advertisements for May dropped 6.8 per cent, or 36 per cent over the past 12 months.

Australian Bureau of Statistics March figures, also released today, show a fall of 0.7 per cent in sales for goods and services, while there have been $293 million less sales than in March 2011. Victoria is the only state to have figures drop for three consecutive quarters.

Meanwhile, ABS wages and salaries figures reveal Victoria grew 1.9 per cent in the March Quarter – below the national average of 2.1 per cent. It is the fourth quarter in a row that Victoria’s wages and salaries grew slower than the national average – the first time in the history of ABS survey.

“Victoria is going backwards under Ted Baillieu and these figures are further evidence about why this Government needs to act,” Mr Pallas said.

“The Baillieu Government’s small state strategy and build nothing approach is impacting on the confidence of Victorian businesses and families.

“In the past 18 months, the Baillieu Government’s inaction has damaged Victoria’s reputation as the economic powerhouse of the nation.

“The Premier needs to develop a plan to grow the economy and create jobs.

“Without a plan, Victoria will continue sliding backwards and it will be families that will be the hardest hit.”

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