NAPTHINE SENDING VICTORIA’S ECONOMY BACKWARDS

Posted on 05. Aug, 2013 in News

The Napthine Government continues to fail the Victorian economy with the latest Australian Bureau of Statistics figures showing quarterly retail trade turnover for Victoria dropped $119 million, the largest fall since March 2011, Shadow Treasurer, Tim Pallas, said today.

Australian Bureau of Statistics (ABS) June quarter figures show Victoria was the only mainland state to see a decline in retail trade, falling 0.7 per cent.

Mr Pallas said these figures were again a kick in the guts for the Victorian economy as New South Wales continues to grow, recording retail trade growth of 0.3 per cent.

“The Napthine Government continues to slip and stumble on the economy month after month whether it be unemployment, housing construction, business confidence or retail trade figures,” Mr Pallas said.

“Victoria’s statistics are more alarming as the state represents about 25 per cent of Australia’s retail turnover. NSW represents 30 per cent.

“Denis Napthine and Michael O’Brien may like to claim they are responsible economic managers but the ABS statistics don’t lie, the Victorian economy continues to slide under this Liberal Government.

“In dollar terms this represents the largest fall in Victoria since March 2011, with turnover $119 million less than the March 2013 quarter which dragged on the Australian economy, bringing what would have been a positive figure to a decrease of $26.8 million.”

The retail trade figures follow recent ABS statistics which showed hundreds of millions of dollars in building construction has been lost in the Victorian economy with residential and non-residential building approvals dropping by $742 million in June or nearly 30 per cent.

ABS June figures show the value of non-residential building was less than half what it was in May – down from $1.32 billion to $627 million. The total value of new residential building in Victoria fell by $63 million. This is $535 million less than this time last year or 57 per cent.

Mr Pallas said the recent Commsec State of the States July report showed that taking State Final Demand into account Victoria would be ranked the third worst performing economy in the country.

“Victoria was the economic powerhouse of the Australian economy and in two and a half years the Napthine Government has sent Victoria backwards to now being behind Western Australia, Australian Capital Territory, Northern Territory, Queensland and New South Wales,” Mr Pallas said.

“The Napthine Government has failed to deliver its promised jobs targets, failed to produce a credible pipeline of infrastructure projects or a jobs plan and has not given Victoria’s business community the confidence to invest and grow jobs.”

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