Posted on 04. Sep, 2013 in News
The Victorian economy is in paralysis according to State Final Demand figures released today by the Australian of Bureau Statistics (ABS) which show Victoria did not grow at all in the June quarter of this year, Shadow Treasurer, Tim Pallas said today.
Mr Pallas said that for the year to the end of June 2013, growth was negligible with only 0.1 per cent recorded in Victoria which placed the state well behind New South Wales and Queensland.
“Victoria is the weakest performing economy on the eastern seaboard for the year and during the June quarter it was third last of the States and Territories, only marginally ahead of Tasmania and the ACT,” Mr Pallas said.
“The national rate of growth significantly outpaced Victoria with Australia recording 0.6 per cent of growth for the quarter compared to Victoria’s zero growth rate.
“Over the year, the picture is even more grim with the national growth rate at 2.6 per cent compared to Victoria’s anaemic performance of 0.1 per cent.”
Mr Pallas said the Victorian economy was comatose under the neglect of the Napthine Government.
“Today’s figures are the result of a Premier who has presided over massive public and private sector job losses and still does not have a jobs plan to sustain the state’s life support system,” he said.
“His answer to this appalling economic condition is to spend $8 billion on a tunnel that no one voted for, that very few Victorians will ever use and that will do nothing to address the congestion that is stifling the local economy.
“Victorians should be concerned the State will continue to worsen under Denis Napthine and his Treasurer Michael O’Brien who are not lifting a finger to address the jobs crisis.”
Mr Pallas said it was almost a year since Victorian Labor released its Plan for Jobs and Growth which contained 67 initiatives to kickstart the State and ensure a future for industry, infrastructure and employment.