Posted on 06. Mar, 2013 in News

The Baillieu Government’s internal crises’ are now impacting the Victorian economy with new figures today confirming the state is now in recession, Shadow Treasurer Tim Pallas said today.

Mr Pallas said today’s Australian Bureau of Statistic State Final Demand figures show that Victoria is now in recession and is the third worst performing economy in the nation.

Mr Pallas said investment in Victoria had fallen 5 per cent over the last three quarters, levels not seen since the 1990-92 recession.

“Month after month we have seen unemployment rise, job advertisements drop, business confidence slide and now we see the State Final Demand figures in negative territory again,” Mr Pallas said.

“Victoria’s State Final Demand figures for September to December 2012 fell 0.7 per cent which followed the 0.4 per cent drop in September.

“We are now in recession because Mr Baillieu and Treasurer Kim Wells are inept economic managers.

“This is clear evidence Mr Baillieu and Treasurer Kim Wells are more concerned about internal Liberal Party politics than boosting Victoria’s economy though increased productivity, jobs and the Victorian economy.

“Private gross fixed capital formation in trend terms showed the weakest growth is in Victoria, down 8.8 per cent.

“These are yet again shocking figures and further evidence that the no action no plan Baillieu Government continues to hurt the Victorian economy.

“Month after month the Baillieu Government fails to invest in jobs, infrastructure, manufacturing and skills and in doing so the Victorian economy continues to go backwards.”

Mr Pallas said Treasurer Kim Wells promise to create more than 50,000 jobs was nothing but a pipe dream – like many Baillieu Government promises.

“Mr Baillieu may not want to work hard to create and protect jobs, but Labor does and that’s why we have developed a jobs and investment plan for Victoria,” he said.

“Unlike Mr Baillieu, Labor understands what it takes to get Victoria’s economy moving.”

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