An economy with strong and consistent growth
Victoria represents 3 per cent of Australia's total land mass, accounts for 22 per cent of national GDP and competes with the largest economies in South East Asia.
For more than two decades, our economy has delivered strong and consistent growth supported by a diverse economy and a long history of prosperity across many industries.
Robust export markets
Victoria continues to create economic opportunities with the world's export markets. We account for 24.3 per cent of Australia's total exported goods, and are Australia's largest supplier of premium food and fibre products – accounting for around 25% of Victoria's total goods and services exports in 2014-15.
International education continues to prosper as our largest services export, and Melbourne remains Australia's premier destination for international visitors and students.
The highest possible credit rating
For the past 10 years, Victoria has managed to retain a triple-A credit rating which is indicative of our consistently strong economic performance, sensible financial management along with Australia's extremely supportive institutional framework.
We have delivered 23 years of continuous economic growth and offer a safe, low-risk and stable investment environment.
The world's top performing companies
Melbourne continues to be the number one choice for a large number of both domestic and foreign-owned businesses. Six of the world's top 10 and 29 of Australia's top 100 companies choose to establish their headquarters and conduct their business in Melbourne above any other state in Australia.
Our economy has delivered strong and consistent growth for more than the past two decades, and while Victoria represents only 3 per cent of Australia's total land mass, we account for close to a quarter of Australia's economic activity (22 per cent of national GDP).1
As the twelfth largest economy in the world2 Victoria's continued strength is supported by a diverse economy and a long history of prosperity and growth across many industries.
Victoria exported A$39.7 billion worth of goods and services in 2015-16, accounting for 24.3 per cent of Australia's total exported goods.
We're Australia's largest supplier of premium food and fibre products, and in 2014-15 food and fibre accounted for approximately 25 per cent of Victoria's total goods and services exports.3
Victoria exports more than 80 per cent of Australia's dairy exports, 48 per cent of Australia's horticultural exports and 39 per cent of Australia's prepared food exports.
Our international education sector is Victoria's largest service-based export. In 2015-16 education services increased by 11.3 per cent and tourism spending increased by 15.7 per cent, indicative of a significant rise in international tourists and students choosing Melbourne as their premier destination to visit, live and study.3
Victoria's aerospace industry is a key supplier to the global aviation supply chain, and Victoria's transport equipment industry contributes approximately A$3.5 billion to the economy each year.
Victoria is one of only two Australian states to receive a triple-A credit rating from agencies Standard & Poor's4 and Moody's5 – a rating we've managed to maintain for the past ten years and a reflection of our consistently strong economic performance that's delivered 23 years of continuous economic growth.
For the next three years Victoria has forecast budget surpluses6 which will continue to:
- support our triple-A credit rating
- provide a stable taxation environment for Victorian businesses
- allow the government to expand its ongoing investment in world-class infrastructure.
Melbourne continues to be the number one choice for a large number of both domestic and foreign-owned businesses. Six of the world's top 10 and 29 of Australia's top 100 companies choose to establish their headquarters and conduct their business in Melbourne above any other state in Australia.7
- ABS, cat. no. 5220.0, Nov 2015
- IMF, World Economic Outlook Database, Oct 2015
- The National Institute of Economic and Industry Research (NIEIR) 2016
- Standard and Poor's Ratings Services, Ratings Direct, Victoria, August 2015
- Moody's Investor Services, Credit Opinion, Victoria, February 2016
- Victorian State Budget 2014-15
- IBISWorld Top 2000 Companies Sept 2015