Victoria’s economy is well positioned to recover according to the state’s quarterly financial report, thanks to extraordinary – and still rising – vaccination rates and continued investment from the Andrews Labor government.
The report, released today, presents the financial results of the Victorian government sector for the three months through September 30 of this year – with data showing the state is in a strong position to get started.
In the run-up to the review period, the Victorian economy had rebounded strongly, with final state demand already above pre-pandemic levels at the end of the June 2021 quarter.
While the Delta variant outbreak caused a decline in economic activity, a range of numbers remained stronger than during the restrictions in the June and September 2020 quarters.
The economy is supported by the Labor government’s infrastructure investment of $ 3.8 billion in the three months to September 2021, supporting economic activity and creating jobs.
Spending on large infrastructure projects included investments in the removal of level crossings, work on the metro tunnel, construction of large housing units and the northeast link.
The government has also provided record levels of aid to support businesses and jobs, with support for businesses throughout the pandemic reaching $ 11 billion.
An increase in pro-rated budget spending reflected additional support provided by the government in the September quarter, includes business support and measures to provide the frontline health response.
Total spending was $ 2.8 billion above pro rata at 28.3% of the budget estimate and the net result of transactions was a deficit of $ 6.8 billion, thanks to the response to the Delta epidemic.
The report has been prepared in accordance with the Financial Management Act 1994, which requires the report to comply with appropriate financial reporting frameworks.
As reported by Treasurer Tim Pallas
“As we approach the 90% double dose vaccination milestone, our economy is coming back to life and we have to thank millions of Victorians for coming in to get vaccinated. “
“In the wake of the global pandemic, we are investing heavily in the recovery of the state, ensuring that every dollar spent makes Victoria stronger.”