After tough lockdowns, Victoria’s economy is back on track

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    After enduring one of the world’s toughest lockdowns, a new report indicates that Victoria is poised to have the fastest economic recovery in the country.

    According to a recent report from Deloitte, Victoria’s economic growth is forecast to hit 5.4% — leading Queensland (4.7%), New South Wales (4.2%), Western Australia (3.5%), South Australia (3.4%), and Tasmania (3.4%).

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    Victoria was the epicentre of the second wave of COVID-19 in Australia and its capital of Melbourne endured a strict 112-day lockdown that ended in October.

    “Victoria had the worst economy in Australia in 2020 – by far,” Deloitte said in its report. “But its recovery has already been rapid, and we forecast it to be the fastest growing part of this nation in 2021. And some of that recovery is already in the bag, with excellent news to date in everything from jobs to retail. There’s still a long way to go, but so far so good.”

    Victoria state treasurer Tim Pallas said the assessment is welcome news and supports recent economic indicators showing Victoria’s economy is rebounding – including strong growth in employment, with the latest outline from the Australian Bureau of Statistics (ABS) showing over 150,000 Victorians found work in the last quarter of 2020.

    “The early positive results of the hard work of all Victorians in contributing to our economic recovery are encouraging – and shows our strategy is working,” said Pallas. “It shows how important our strategy of driving case numbers down and opening up has been to getting our economy going again. Jobs will remain front and centre in our recovery plans as we continue to invest in employment support across Victoria, together with our record pipeline of infrastructure projects.”

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