当前经济发展

Victorian economy at a glance

Victoria has long been a driving force in Australia's economic landscape. With a Gross State Product (GSP) soaring to $568.9 billion in 2022-231, and a growth rate of 2.6%2 surpassing benchmarks set by New Zealand, South Korea, and Singapore3, Victoria continues to set the standard for economic vitality.

Compared to other Australian states, as of January 20244, Victoria:

  • ranked first on relative economic growth and construction work done
  • was the second strongest growth in retail spending – 13.3% above its decade average, with equipment investment also at record high – up 19.7% on its decade average
  • had the second highest rate of absolute annual population growth

Performance forecast to outperform other economies

Victoria’s economy has experienced strong growth over the last decade and is forecast to grow by 2.5% in 2023-24, outpacing all other Australian states and territories. This is supported by the Deloitte Access Economics (DAE) Business Outlook report released in January 20245.

A strong economy has driven a very strong labour market, creating 540,000 jobs since September 20206, and keeping a robust labour participation rate at 67.9%7.

The Australian Centre for Population forecasts Victoria’s population will reach 8.2 million people by 2034, representing growth of up to 24% from 2020 levels8. Melbourne is predicted to be Australia’s largest city in 2033-34, with an estimated population of 6.4 million9.

Victorian Government is committed to an economy of the future

The Victorian Government is committed to attracting and retaining the global know-how to create high-value jobs and infrastructure for current and future generations.

The Victorian Government has committed $90 billion to Victorian’s Big Build, which is one of the largest infrastructure projects in the world, driving business opportunity and connecting Victoria to global markets.

Other Victorian Government support initiatives include:

  • an unprecedented $1.7 billion energy package creating renewable energy hubs across the state to meet our net-zero emissions target for 2050.
  • Victoria’s biggest ever investment in science, technology and innovation through the $2 billion Breakthrough Victoria Fund.
  • support for startups through the $20 million Equity Investment Attraction Fund over four years from 1 July 2022.
  • financing for local businesses at the cutting edge of innovation and technology through the Venture Growth Fund.