Public Transport Victoria forum hears call for more Maryborough train services
State Government Commits to Developing Rail Infrastructure for Victoria
Horsham residents to be quizzed about future use of dormant rail corridor land
No choppers here: Malcolm Turnbull takes the train to Geelong
Opposition Leader Matthew Guy backs Melbourne Airport rail link
Jail time for train threats to Vline Staff
Premier Daniel Andrews hears efforts to address Central Goldfields disadvantage, push for more Maryborough trains
The Inland Rail Link Melbourne to Brisbane a Similar Case as the RAA's Bendigo - Geelong Rail Link
North-West Rail Alliance urges more council support amid push for return of Mildura passenger rail
Grampians Rail Trail: Shire calls for community to step up and manage facility
Victoria is on the brink of recession after the state’s economy shrunk in the last three months of 2019, the first quarterly contraction since the Andrews Labor government came to power.
National accounts figures published on Wednesday showed the state’s economy shrank by 0.1 per cent in the December quarter – before the bushfires and coronavirus began to hit.
With recession looming, Daniel Andrews is hoping for some federal assistance.CREDIT:EDDIE JIM
If the next set of numbers reveals negative growth in the key "state final demand" measure, the value of goods and services traded in the local economy, the state will officially be in recession.
The next national accounts, due in early June, will reflect the effects of the bushfire crisis and the hit to the economy from the coronavirus, with the federal government predicting a hit of about 0.5 per cent to the nation’s economic growth.
But the state government says it is not resigned to the prospect of a technical recession, arguing the Victorian economy is the strongest of all Australian states.
Treasurer Tim Pallas, who has previously used state final demand figures to trumpet Labor’s economic management, said on Thursday that too much could be read into the latest result.
“These numbers bounce around quite a bit, and we've seen important, indeed variable, numbers right across the states in yesterday's national accounts figures,” Mr Pallas said.
“What I can say is that we've had some pretty solid figures over the last month or two, relating to employment growth and a number of other demonstrations of the economy still [being] fundamentally quite sound.
“That is not to suggest that we don't have some difficult times ahead – we do.”
Asked if he was resigned to the prospect of a technical recession, Mr Pallas said “No, not at all”.
'What we can say is the state of Victoria is the strongest economy in the nation, well prepared to deal with these issues and we will be delivering a surplus.'
Victorian Treasurer Tim Pallas
“I think it's counterproductive for people to speculate about that because there's certainly no indication that that's where we're heading ... because nobody knows exactly how long the impact of coronavirus will be,” the Treasurer said.
About this website
Railpage version 3.10.0.0037
All logos and trademarks in this site are property of their respective owner. The comments are property of their posters, all the rest is © 2003-2021 Interactive Omnimedia Pty Ltd.
You can syndicate our news using one of the RSS feeds.