The Victorian economy will shrug off an expected 13 per cent drop in house prices, Treasurer Tim Pallas has predicted, expanding strongly off the back of public sector spending and a never-ending population boom.
Mr Pallas said the Victorian government was spending more than what the recently re-elected Morrison federal government planned to invest in infrastructure over the next decade across the entire nation."There are cranes in the sky, engineering graduates and apprentices on the ground and massive machines digging deep into the earth."Credit:Despite the drop in house prices, which has led to a $5.
A tighter jobs market is also expected to feed into stronger wages which are now forecast to grow by a nation-best 3 per cent over the coming 12 months. They are then expected to grow even faster in 2020-21 at 3.25 per cent. The only downgrade by Treasury to its key economic forecasts was a minor slice to expected population which is tipped to grow by 2 per cent. At 2 per cent, Victoria's population would still be the fastest growing state in the country and well above its long term average of 1.3 per cent.
5 Billion $$$$$$$$ what a weak excuse for a massive spending spree that looks like its going arse over head.
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